0diggsdigg Share While the price of silver followed gold up and up this month, teasing analysts and investors with hopes of breaking past $20 an ounce, the sometimes precious sometimes industrial metal fell hard over the past two days. Thursday, silver took a beating along with the rest of the markets, dropping as low as $17.47 an ounce on the COMEX as uncertainty remains over the prospects of global economic recovery. Silver fell much harder than gold because its industrial role makes it more vulnerable to weaker economic sentiment and closed down over 3 percent to $17.65 an ounce in New York.

But like gold’s move to the downside, silver’s corresponding drop is seen as a justified correction after an almost overdone run-up. This correction, on top of the recent negative turn in economic sentiment pervading the markets this week, is expected to continuing placing downward pressure on the white metal. “Under ongoing weakness in equities, a rising Dollar and fears of global slowing, we suspect that $17.50 is an easy target for July silver and that $17.00 basis the July contract is potentially in the cards over the coming week,” said Global Securities futures analyst Jamie Greenough in a note to clients.