(Add oil, gold settlement prices)
* The concentration of retail sales on silver leads to a maximum of 8 years
* Oil with 1%; dollar index, Bund, T-bill yields are constant
* Excess money? tmsnrt.rs/2YpThUB
NEW YORK, Feb. 1 (Reuters) – Global stocks rebounded from last week’s steep sales and silver prices rose on Monday as retail investors expanded their social media battle with Wall Street to drive the precious metal at a maximum level of eight years.
A shift in the frenzy of retail to silver led to an increase in mining stocks on both sides of the Atlantic, with a 7.2% increase in the iShares Silver Trust ETF – the largest silver-backed ETR – set in motion the most good since 2008.
Data for the ETF showed that its silver holdings rose a record 37 million shares from Thursday to Friday alone, each representing an ounce of silver.
BHP Group, Glencore Plc and Anglo American Plc were the top six winners of the FTSE 100 in London, with the blue chip closing at 0.92%.
Miner Fresnillo rose 8.95% to 1,076 to help increase the pan-European STOXX 600 index by 1.24%.
On Wall Street, nine of the 11 major S&P sectors have advanced, with technology leading the rally.
Silver prices rose to a eight-year high of just over $ 30 an ounce before increasing earnings to trade 6.3% higher to $ 28.70.
The frenzy of trading on social networks brought huge gains in companies like GameStop Corp last week, forcing hedge funds to cover their short positions and causing volatility on Wall Street. The three main stock market indices recorded the largest weekly declines in October.
GameStop fell 27.31% to $ 236.23.
“Silver has knock-on effects compared to GameStop because it has to do with mining,” said Connor Campbell, a financial analyst at SpreadEx. “If you start pushing silver higher, this will have an effect on other industries and other markets, and that’s clearly what happened.”
Silver gained 19% of its price on Thursday after Reddit posts prompted small investors to buy silver shares and traded funds (ETFs), backed by physical silver bars, in a style game GameStop.
Spot silver rose 6.33% to $ 28.71.
The MSCI benchmark for global stock markets rose 1.6% to 653.19.
On Wall Street, the Dow Jones industrial average rose 1.06%, the S&P 500 gained 1.82%, and the Nasdaq Composite added 2.67%.
The US dollar fell to a two-week high in terms of weakness in the euro, the Swiss franc and the Japanese yen, considering that the United States has an advantage in developing the economy and vaccinating the population against COVID-19.
The euro weakened after Germany reported that retail sales fell 9.6% unexpectedly in December, following tighter blockages last year to reduce the spread of COVID-19 consumer spending in Europe’s largest economy.
The dollar index rose 0.393%, with the euro falling 0.59% to $ 1.2064.
The Japanese yen weakened 0.25% against the green dollar to 104.92 per dollar.
Oil prices have risen, boosted by declining stocks and hopes for a faster global economic recovery, although stopping vaccine launches and renewed travel restrictions have limited gains.
In the long run, crude oil set $ 1.31 to $ 56.35 a barrel. US crude oil futures rose $ 1.35 to $ 53.55 a barrel.
Gold followed the silver above, up 0.70% to $ 1,859.05 an ounce. US gold futures were down 0.7% at $ 1,863.90.
Overnight data showed that Chinese factory activity slowed in January as restrictions hit some regions. In the euro area, output growth remained strong at the beginning of the year, but has slowed since December.
The British data showed an even bigger fight, with the producers facing the double winds of COVID-19 and the exit of Great Britain from the European Union.
While the global launch of the coronavirus vaccine remains slow, with concerns about whether they will work on new COVID strains, Europe has also been rumored to receive another 9 million doses from AstraZeneca in The first trimester.
With riskier markets returning, yields on Italian government bonds fell 2-3 basis points along the curve.
German Bund yields, meanwhile, the benchmark for the eurozone, remained anchored at around -0.51% on Monday, following the yields of the US Treasury. The 10-year US Treasury note was traded to get 1.0723%.
Reporting by Herbert Lash; Edited by Richard Chang