Silver pulls back after topping $80 in historic year-end rally

Silver retreated sharply after smashing through $80 an ounce for the first time, with traders taking profits from a record-breaking rally powered by a structural imbalance in supply and demand.

The white metal fell as much as 5% on Monday, after earlier spiking to a record $84 an ounce following five straight days of gains. A weaker dollar and escalating geopolitical tensions have added to the appeal of precious metals during an end-of-year jump to all-time highs for silver, gold and platinum.