Silver gathered in the last trading sessions, amid the attention of users on the RedSit WallStreetBets forum. A worker fills a mold with molten silver at a factory in Russia in 2017.
Photo:
Andrey Rudakov / Bloomberg News
Silver prices have risen to start trading on Sunday, fueled by a wave of fresh enthusiasm from online retailers.
Most traded silver futures traded up 8% from the close on Friday before slightly increasing gains to trade recently by 7% to $ 28.80 an ounce. Sunday night’s rally comes after silver prices gained more than 5% last week.
Silver rallied in recent trading sessions after users of Reddit’s WallStreetBets forum posted a “short press” similar to those credited with fueling recent gains from other popular stocks on the Internet. The outward attention of day traders has generated significant gains in stocks such as GameStop Body.
GME 67.87%
, captivating on Wall Street, as individual investors take speculative funds that bet on falling prices.
The attention of day traders is the latest engine for silver prices, which have traded in a range since they recorded a record performance in 2020, ending the year with 47%. Silver benefited from a booming rally of precious metals, which sent prices for everything from gold to palladium to record highs. Investors tend to buy precious metals, such as silver, when they are nervous about holding riskier assets, such as stocks or corporate bonds.
Even physical metal, which is used in everything from electronics to jewelry, is starting to see a noticeable increase in demand due to Redditors’ attention. Silver retail markets, including Money Metals and APMEX Inc., among others, had ads on their websites on Sunday saying they could not process new orders until global markets opened due to unprecedented demand for the metal.
Write to Sebastian Pellejero la [email protected]
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