Silver Price Falls to $22.346

The price of silver fell $0.335, to $22.346, today in London, according to Bloomberg. The decline in price means the metal has dropped more than 8 percent this month. Overall, silver is down 26 percent this year.

Silver for July delivery on the COMEX in New York is down 99 percent compared to this time last year, Reuters reported.

The Bank of America recently announced that it has lowered its 2013 outlook for silver, CNBC reported. Silver prices will average $34.35 an ounce this year, according to the bank’s latest commodities report. That is 25 percent lower than the bank’s previous prediction of $32.70 an ounce.

“We believe the fundamental backdrop for silver has weakened,” the bank’s analysts said in the report.