Messrs. Mocatta & Goldsmid's report on the London silver market for Jume 10 states 'A sudden and rapid change has come over the market during the past week and the fall in the price which had for so long been anticipated has been more than fulfilled.
It had long been felt that with China the only buyer, the market was a dangerous one, but during the last few days China has not only abstained from buying but has been a substantial seller, with the result that the spot price fell rapidly from 36]d. to 45§d. a level which had not been reached since April, 1918.
After so severe a drop it is not unnatural that there should have been a little reaction to-day and we quote 48jd. for spot and 48\d. for forward delivery, but we hardly look for any permanent improvement until the China export trade revives, and that at present does not seem likely.
Even at the noeer level the Indian Bazaars have not come in as buyers, but on the contrary have helped to depress the market with bear sales, a fair portion of which are still uncovered.
The New York quotation has practically followed London and today is 81 cents. It now seems very doubtful whether the U. Treasury has bought any silver under the Pittman Act, and the once prevalent idea that the price would be maintained at a dollar per ounce has vanished.
The outlook for the market is therefore very uncertain and with the continual sales of Continental silver it would seem that more substantial buying than we have at present will be necessary, if even the prices now ruling are to be maintained.
Text read from the printed page and cleaned; old type leaves the occasional error.