Fox Business Flash top headlines are here. Check out what's clicking on FoxBusiness.com.
SINGAPORE - Silver prices leapt to a five-month high on Monday and small silver miners listed in Australia surged after social media calls to buy the metal and emulate the frenzy that has driven GameStop shares up 1,500% in two weeks.
Continue Reading Below
Spot silver rose as much as 7.4% to $28.99 an ounce, the highest since mid-August. Shares in a handful of mining firms such as Argent Minerals, Boab Metals and Investigator Resources leapt more than 15%.
Coin-selling websites also reported unprecedented demand and flagged delays in delivering bullion. The moves are the latest example of small-time traders buying en masse, particularly of stocks and other assets that were heavily bet against, resulting in large losses for major investors.
Silver prices leapt to a five-month high on Monday and small silver miners listed in Australia surged after social media calls to buy the metal and emulate the frenzy that has driven GameStop shares up 1,500% in two weeks.
“There is this curious situation now where the Reddit crowd has turned its sights on a bigger whale in terms of trying to catalyse something of a short squeeze in the silver market,” said Kyle Rodda, an analyst at brokerage IG Markets in Melbourne.
“The most important factor here is that silver is heavily shorted, the paper market is much, much larger than the underlying commodity can justify,” he said.
CLICK HERE TO READ MORE ON FOX BUSINESS
“There’s a lot of commentary on these platforms to pile in to the miners.”
Silver prices are up 15% since Wednesday’s close, around when messages began circulating on forums such as Reddit encouraging users to buy the metal and drive up prices.
"five" - Google News
February 01, 2021 at 10:36AM
https://ift.tt/3pAY3KV
Silver prices reach five-month high - Fox Business
"five" - Google News
https://ift.tt/2YnPDf8
https://ift.tt/2SxXq6o
No comments:
Post a Comment