Silver drops over 4% as retail buying frenzy pauses

Silver prices dropped more than 4% on Tuesday, halting a rally to near 8-year highs in the previous session that was the latest move in two weeks of turmoil on financial markets fuelled by a pack of Reddit-centred individual investors.

Spot silver prices were down 4.2% at $27.77 an ounce as of 0730 GMT, retreating from a high of $30.03 reached on Monday, their since February 2013.