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Silver Climbs 11% to Top $30, Fueled by Redditors’ Short Squeeze Plans

Silver futures are soaring to start the trading week, buoyed by a Reddit forum’s plan to short squeeze the white metal and bring it to $1,000. While this is a lofty task, the early bets suggest the crowdsourcing is paying off — for now. Gold is tagging along for the ride, jumping more than 1% in early trading.

March silver futures spiked $2.921, or 10.85%, to $29.835 per ounce at 12:53 GMT on Monday on the COMEX division of the New York Mercantile Exchange. Silver had traded as high as $30.35 before paring some of its monumental gains. Silver is coming off a weekly gain of nearly 6% and a monthly push of 2%.

Gold, the sister commodity to silver, is also advancing to kick off the trading month. April gold futures surged $21.70, or 1.17%, to $1,871.30 an ounce. The yellow metal slipped 0.31% last week and 2.72% in January.

Although GameStop and AMC are still extremely volatile, online traders have applied their epic enthusiasm to the silver market. Following last week’s post on Reddit’s Wall Street Bets page, silver has been on a tear. The forum-turned-decentralized hedge fund stated:

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

Investors are focusing on three primary investments: iShares Silver Trust (SLV), First Majestic Silver Corp. (AG), and Sprott Physical Silver Trust (PSLV). They have all climbed to multi-year highs amid the silver rally.

But aside from Redditors sending silver higher, there have not been any fundamental shifts to support the precious metal. If the recent track record of the Wall Street Bets’ crowd is any indicator, this could be the start of a massive spike.

Still, the financial community is warning about bubbles forming in commodities. Eugen Weinberg, Commerzbank Head of Commodities Research, told CNBC:

The excess liquidity in the system, it is likely to create bubbles not only in silver but also probably commodities and other asset classes going forward.

This rally only started on Thursday last week and we also saw that it wasn’t really only limited to the terminal markets or the futures and options market, but also went further into the silver indices or ETFs (exchange-traded funds) which also recorded, back on Friday, massive inflows.

A rising greenback failed to put a dent in the metals market. The US Dollar Index, which gauges the buck against a basket of currencies, advanced 0.28% to 90.84, from an opening of 90.53. A stronger greenback is typically bad for dollar-denominated commodities because it makes it more expensive for foreign investors to purchase.

In other metal markets, March copper futures fell $0.015, or 0.42%, to $3.541 per pound. March platinum futures soared $47.80, or 4.28%, to $1,125.40 an ounce. March palladium futures jumped $49.60, or 2.25%, to $2,258.00 per 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/silver-climbs-11-to-top-30-fueled-by-redditors-short-squeeze-plans/