Silver Likely to Decline

At the end of the previous week, the white metal (similarly to gold) moved higher after Federal Reserve Chair Nominee Janet Yellen told that monetary stimulus tools shouldn't be removed too soon.
 
On Monday, two top Fed officials from opposite sides of the policy spectrum, fueled expectations that the Federal Reserve could taper its bond buying program. Their comments pushed the price of silver to slightly above $20. Although yesterday Bernanke said that the Fed will maintain ultra-easy monetary policy for as long as needed, silver extended declines for a second session and hit a fresh three-month low. This, by itself, is a sign of weakness.
 
The price of the white metal is down approximately 33% this year, to some extent on concerns the Fed would begin cutting back its easy-money policy by trimming its $85-billion monthly bond purchasing program.

Precious Metal

QE3 tapering impact is now showing in market as all metals whether precious or semi precious are turned red which will last for another few days

Gold falls as market looks past Federal Reserve statements

Gold prices fell after the Federal reserve left monetary policy unchanged, though markets were expected slightly more dovish language from the U.S. central bank's statement, which gave room for the dollar to rise

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,344.30 during U.S. afternoon hours, down 0.09%

The Federal Reserve on Wednesday left its key benchmark lending target, the fed funds rate, unchanged at 0.25% and kept its USD85 billion monthly asset-purchasing program in place.