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Gold, Silver Surge As Reddit’s WSB Forum Plans New ‘Short Squeeze’

Gold futures surged to end the trading week, putting forth a tepid weekly gain. But the yellow metal will finish the month in the red following a stronger US dollar, stimulus uncertainty, and greater confidence in the broader financial markets. Silver joined the metals rally, too, thanks to a Reddit forum’s push into the white metal. Can the precious metals extend the momentum into February?

April gold futures advanced $21.40, or 1.16%, to $1,859.30 per ounce at 15:48 GMT on Friday on the COMEX division of the New York Mercantile Exchange. Gold will post a weekly boost of 0.2%, and a January slide of about 2.2%.

Silver, the sister commodity to gold, is soaring for the second straight session. March silver futures climbed $1.163, or 4.49%, to $27.085 an ounce. The white metal will enjoy a 6% weekly spike, as well as a 2% monthly gain.

Following the meteoric ascent with GameStop, AMC, BlackBerry, and several other stocks, it looks like Reddit’s Wall Street Bets will be targeting silver prices over the next couple of weeks. According to the popular post on the forum-turned-decentralized hedge fund:

Any short squeeze in silver paper shorts would be EPIC. Why not squeeze $SLV to real physical price.

The post resulted in a massive rally and dramatic increase in trading volumes for the white metal, a commodity that has calmed down in recent weeks after last year’s exponential push. But will Reddit memers be successful, or are the shorts already covering their positions?

For now, gold prices are benefiting from the volatility and speculative trading efforts. Investors have been displeased by what has transpired, evident in the broader stock market. At the same time, the greenback is also rising parallel to the metals.

The US Dollar Index, which measures the buck against a basket of currencies, edged up 0.03% to 90.48, from an opening of 90.46. A stronger dollar is bad for commodities priced in dollars because it makes it more expensive for foreign investors to purchase. The DXY will record a weekly gain of 0.24% and a January increase of 0.6%.

Gold took a hit on the delay in US fiscal stimulus plans. Despite President Joe Biden unveiling his $1.9 trillion proposal earlier this month, Senate Majority Leader Chuck Schumer (D-NY) suggested it could take up to six weeks for the COVID-19 package to pass. On the other hand, gold ticked up on the Federal Reserve promising to employ more mechanisms to support the economic recovery as the pandemic continues to hammer the economy.

In other metal markets, March copper futures slipped $0.0065, or 0.18%, to $3.5715 per pound. March platinum futures tacked on $14.50, or 1.35%, to $1,086.90 per ounce. March palladium futures declined $107.30, or 4.62%, to $2,215.00 an ounce.

If you have any questions and comments on commodities today, use the form below to reply.

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source https://www.earnforex.com/commodities/gold-silver-surge-as-reddits-wsb-forum-plans-new-short-squeeze/