Hello, your email is not verified. Please confirm access to all of your SPH accounts. SEND AGAIN

[SINGAPORE] Silver prices rose to a five-month high on Monday, and Australia-listed small silver mining companies rose after social media calls bought the metal and mimicked the frenzy that was going on GameStop stock is up 1,500 percent in two weeks.

Spot silver rose 7.4 percent to $ 28.99 an ounce, its highest level since mid-August. Shares in a handful of mining companies like Argent Minerals, Boab Metals, and Investigator Resources rose more than 15 percent.

The moves are the latest example of retail traders buying in bulk, especially stocks and other assets, against the was heavily wagered, resulting in huge losses for major investors.

“There’s this strange situation now where the Reddit crowd is targeting a bigger whale to catalyze brief pressure on the silver market,” said Kyle Rodda, an analyst at IG Markets in Melbourne.

Stay up to date with BT newsletters


By registering, you agree to our privacy policy and terms and conditions.

Your feedback is important to us
Tell us what you think. Email us at [email protected]

@media (min-width: 768px) {.sm-text-left {text-align: left; }}

“The main factor here is that silver is severely truncated and the paper market is much, much larger than the underlying commodity can warrant,” he said.

Silver prices have been since the close of trading Up 15 percent Wednesday as news circulated on forums like Reddit urging users to buy the metal and raise prices.

[LONDON] European equity markets rallied from the early Monday recent heavy losses. London’s benchmark FTSE 100 …

[HONG KONG] Hong Kong stocks rose on Monday after last week’s price on bargain purchases, with data showing growth …

[SINGAPORE] Monday (Jan. February) 29 new coronavirus cases were confirmed at noon, increasing the number of …

[MUMBAI] India will set up a bad debt management company for banks that is expected to reach record levels …

[LONDON] British online fashion retailer Asos Plc agreed to buy Topshop, one of the most famous …

Associated title :
Silver is the new Gamestop: Price Boosted by Online Movement
Silver prices rise to a five month high as retail shoppers pile up
Silver prices, miners rise when retail shoppers pile up
Silver prices, miners rise when retail shoppers pile up in By Reuters
UPDATE 1 silver prices, miners go up when retail shoppers pile up

Ref: https://www.businesstimes.com.sg