The precious metal rose above $30 US an ounce to highest level since 2013
Silver broke above $30 US an ounce for the first time since 2013 on Monday, the latest asset to see a pop in a volatile few weeks on markets.
Colin Cieszynski, chief market strategist with SIA Wealth Management in Toronto, said silver has apparently become the next asset to get caught up in the GameStop frenzy.
“The most significant move this morning has been in silver, which was a trending topic in the media and on Reddit over the weekend with a lot of chatter (both for and against) that it could be the next market to become active in the wake of GameStop’s big move last week,” he said.
A Reddit group known as WallStreetBets managed to help drive up the price of GameStop shares 1,600 per cent in the past two weeks, costing short sellers billions on the process.
Spot silver leapt more than 11 per cent in London to $30.03 an ounce and was on track for its biggest one-day rise since 2008, taking gains to about 19 per cent since last Wednesday. The jump set off a rally in silver-mining stocks from Sydney to London.
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