Money managers slashed their bullish wagers on silver to the lowest in nearly two years before the White House refrained from putting import tariffs on critical minerals that include the white metal.
Hedge funds and other large speculators reduced net-long positions by 15% to 15,045 contracts for the week ended Jan. 13. The level was the lowest in more than 22 months, US government data showed Friday.
The threat of levies on minerals including silver had been one among several drivers of the precious metal's blistering rally, but US President Donald Trump on Wednesday stopped short of imposing sweeping duties, while not ruling out doing so in the future.
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