Silver prices on Monday shot up to their highest level in almost eight years after Reddit traders, having prompted wild swings in GameStop Corp. shares last week, turned their sights on the volatile precious metal.
Most actively traded silver futures jumped more than 10% to $29.84 a troy ounce, their highest level since February 2013, outpacing a modest 0.7% rise in the price of gold.
The surge put silver on track for one its biggest one-day advances of the past decade, and compounded the precious metal’s climb of more than 5% last week.
Shares of precious-metal miners that stand to profit from higher silver prices surged. Fresnillo PLC, listed in London and with mines dotted around Mexico, gained 18%. Platinum futures prices jumped 4.1% to $1,127.80 a troy ounce.
The leap in silver prices is the latest in a series of big market moves sparked by day traders swapping tips and banter on online forums like Reddit.
“This is just a speculative boom,” said Georgette Boele, senior precious-metals strategist at ABN Amro Bank. “I don’t think it has anything to do with fundamentals.”
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February 01, 2021 at 08:07PM
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GameStop, Silver, and AMC Rise Again After a Wild Week: What to Watch in Markets - The Wall Street Journal
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