It s Been Nuts : Silver Surges Most Since Lehman Bankruptcy; Hits 7-Year High Over $30 zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
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Silver spikes as retail investors swarm their biggest target yet
‘As we evaluate the markets, it is difficult to know where silverâs price and demand will go in the coming day and weeks,’ Lewis said
By Bloomberg News
1 Feb 2021 09:31
Image: Nicky Loh
Silver took center stage in the retail investor frenzy sweeping through markets, sending the metal to a five-month high and fueling a debate over the power of Reddit-inspired speculators to take on ever-bigger targets.
Most-active futures jumped as much as 9.5% to $29.47 an ounce on the Comex, after a weekend buying binge that overwhelmed online sellers of silver coins and bars from the US to Australia. BlackRock Inc.âs iShares Silver Trust, the largest exchange-traded product tracking the metal, recorded an unprecedented $944 million net inflow on Friday.
Silver spikes past US$30 as retail investors swarm biggest target
Eddie Spence and Jake Lloyd-Smith, Bloomberg News
Silver soars on GameStop retail frenzy VIDEO SIGN OUT
Silver broke above US$30 an ounce as the precious metal took center stage in the retail investor frenzy sweeping through markets.
Most-active futures jumped as much as 13 per cent to US$30.35 an ounce on the Comex, the highest in eight years. That followed a weekend buying binge that overwhelmed online sellers of silver coins and bars from the U.S. to Australia. BlackRock Inc.âs iShares Silver Trust, the largest exchange-traded product tracking the metal, recorded an unprecedented US$944 million net inflow on Friday.
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Silver broke above $30 an ounce as the precious metal took centre stage in the retail investor frenzy sweeping through markets.
The most active futures contracts jumped as much as 13 per cent to $30.35 an ounce on the Comex, the highest in eight years. That followed a weekend buying binge that overwhelmed online sellers of silver coins and bars from the US to Australia. BlackRock’s iShares Silver Trust (SLV), the largest exchange-traded product tracking the metal, recorded an unprecedented $944 million net inflow on Friday.
Like the buying stampede in GameStop and other small-cap stocks that has captivated the financial world in recent weeks, silver’s advance can be traced to Reddit’s WallStreetBets forum. One post last week declared the metal “THE BIGGEST SHORT IN THE WORLD” and encouraged traders to pile into the iShares trust as a way to stick it to big banks.
UPDATE: Reddit Users Going After Silver for ‘Biggest Short Squeeze in the World’
Earlier Update: Top bullion dealers are encountering shortages.
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A number of Reddit users on the popular r/WallStreetBets forum have said they are planning to launch a coordinated effort to target silver as their next short-squeeze target.
Posts encouraged individuals to use the IShares Silver Trust, the largest silver exchange-traded fund, and carry out what one user called the “BIGGEST SHORT SQUEEZE IN THE WORLD.”
“Silver Bullion Market is one of the most manipulated on earth. Any short squeeze in silver paper shorts would be EPIC,” a user on Reddit’s WallStreetBets wrote. “We know billion banks are manipulating gold and silver to cover real inflation. Both the industrial case and monetary case, debt printing has never been more favorable for the No. 1 inflation hedge Silver.”