Silver drops 6.2% after record run; flows shift from COMEX to London vaults

Spot silver slumped more than 6.2%, its steepest decline in six months, following a rally that briefly pushed prices to about $54.50/oz earlier this week. Analysts cited easing U.S. credit concerns, softer haven demand, and partial normalization in London market tightness. Over 25 million ounces reportedly moved from COMEX to London vaults. Gold fell around 1.9%, while platinum and palladium also declined more than 2% amid broad precious-metals profit-taking.