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[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.

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“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.

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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