Silver rallies past $30/oz on GameStop effect
An army of retail traders descend on silver market, driving price to six-month high as physical metals traders stop taking orders due to surging demand
The price of silver rallied to a six-month high with market analysts across the world saying it was being driven by an army of retail traders inspired by events that drove GameStop shares to unprecedented levels in January, which had stormed into the precious metal to deliberately drive its price higher.
Silver futures rallied as much as 12.8% to $30.35 an ounce, the highest level since August 7 2020, before settling 11.4% higher at $29.98 at 4.40pm local time. This followed a 5.3% rally last week when, amid the GameStop mania, it emerged on online message boards that the army of Reddit-based retail traders had set their sights on the silver market...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.