Silver’s Biggest 3-Day Drop Since 1983 Leads Commodities Lower

Silver had its biggest three-day drop since March 1983, crude oil tumbled to a two-week low and gold, copper and grains fell after money managers made near-record bets on high commodity prices in April.

Silver plummeted 19 percent since April 29 as increases in Comex margin requirements drove investors away, and oil declined after a U.S. report showed supplies surged. A drop in a gauge of U.S. service industries and lower-than-forecast jobs growth damped economic optimism. Twenty-two of 24 commodities in the Standard & Poor’s GSCI Total Return Index fell. Treasuries rose.