The price of silver soared more than 10% to a five-month high today as retail investors flooded the commodity.
Silver became the latest target after the retail frenzy of last week saw the likes of heavily-shorted stocks ($GME and $AMC) surge in revolt to large institutional investors/wall street, heavily buying stocks and assets that they sell.
Believing that Silver is a heavily manipulated asset and a rise in its price could hurt large financial services companies, Reddit members took to buying silver and also admonished other retail investors to do the same. There have been thousands of Reddit posts with multiple mentions of the hashtag #silversqueeze, and a string of videos on YouTube encouraging small investors to buy the precious metal.
Silver jumped to its highest price since August at $28.98 an ounce. The surge sent silver miner Fresnillo almost 20% higher in early trading in London. Likewise, the world’s largest silver-backed exchange traded fund (ETF), the iShares Silver Trust, posted almost $1bn (£730m) in inflows on Friday, which was the biggest one-day rise since it started trading in April 2006.
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