(Kitco News) Reddit’s silver short squeeze move has been mainly focused on buying up the physical supply. Still, the rally is spilling over into miners as a new wave of investors begins to look at the lagging silver market.
On Monday, silver surged to eight-year highs of $30.35 an ounce. March silver Comex futures were last trading at $29.10, up 8.12% on the day.
The largest silver ETF (SLV) also saw its largest single-day inflow in history on Friday, which totaled near $1 billion. All the attention even led to #silvershortsqueeze trending on Twitter overnight.
“The growing interest from the Reddit subforum briefly saw prices hit north of $30/oz for the first time since 2013. While an engineered short squeeze in silver is a more difficult task relative to last week’s tumultuous squeeze in several highly shorted and illiquid stocks — the motives are muddied by hedge fund and bank bullishness — the effort can certainly keep prices and volatility elevated in the near-term,” TD Securities strategists said on Monday.
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