Silver futures for December settlement fell back 7 cents, or 0.4%, to $17.84 a troy ounce at 7:42 a.m. ET. The futures contract traded between $17.79 and $17.90 overnight.
Gold bullion also extended Monday’s decline, with the December futures price slumping $7.20, or 0.6%, to $1,328.50 a troy ounce.
Hurricane Irma’s damage is likely to be only a fraction of what the doomsayers had predicted thanks to a 20-mile westward shift away from Marco Island. A head-on collision with the island would have caused astronomical damage, according to analysts.
One estimate suggests that the likely damage from Irma is $50 billion, or a fraction of the $200 billion expected last week.
A weaker Irma sparked a huge rally on Wall Street Monday, with the S&P 500 Index reaching new records. The CBOE VIX Volatility Index plunged more than 11% as a result.
Even the dollar recovered from multiyear lows. The DXY dollar basket gained 0.6% on Monday. The dollar index was up 0.2% on Tuesday to trade at 92.05.
Asian and European markets extended the global rally on Tuesday. Japan’s Nikkei 225 Index shot up 1.2%, while mainland China’s CSI 300 Index finished 0.3% higher.
The pan-European STOXX 600 Index was also up 0.6% in early afternoon trade.
Comex Silver Futures (December 2017)