Silver prices hit a record high of $84 an ounce before dropping over 6% due to Chinese speculative demand. UBS SDIC Fund Management Co. halted new investors amid concerns of potential losses. Elon Musk highlighted silver’s importance in industrial processes. Inventories are low, raising concerns of supply shortages.

China, a top silver consumer, imposed measures to control the speculative market. Some exchanges are increasing margins on silver futures contracts to reduce speculation. London’s silver market experienced a squeeze recently. Technical indicators suggest the rally may have been too rapid, as silver prices dropped to $74.95 an ounce.

Read more at Yahoo Finance: Silver Pulls Back From Record After Historic Rally Above $80