It might be a bank holiday in the UK and across large parts of Asia but at night trading silver plunged over 10% without any particular reason (according to COMEX traders considerably scaled back their bullish bets on silver). Silver prices more than doubled over the last year and correction was in the pipeline for quite some time, it was just a matter of time.
Silver was not only the scapegoat of the night as all the commodities took a tumbling and US dollar strengthened against most of the currencies on the news that Osama bin Laden was killed in Pakistan.
Even though it was late at night in the UK, spread bettors could benefit from such volatility. Traders can spread bet on silver with as little as £50 with some of the spread betting companies.