Ellie has commented "@Charlie, even tho.."
Silver prices have rocketed to their highest since 2013 as retail investors, egged on by messages on Reddit, pile into the market in an attempt to push up prices, although most analysts and traders say the rally will run out of steam.
Spot silver vaulted as high as $30.03 an ounce on Monday from $25 on Thursday morning, while shares of silver miners surged and retailers of bars and coins around the world struggled to meet demand.
But analysts say it will be extremely difficult to subject silver to the kind of short squeeze engineered last week on companies like U.S. video game store chain GameStop, which sent its shares up by hundreds of percent, and there is no shortage of the precious metal, so the market is likely to calm.
WHAT HAPPENED?
The furore began on Thursday after posts on the r/wallstreetbets Reddit message board -- the same one used to spark frenzied buying of GameStop shares -- urged investors to buy physical silver.
An early post, which quickly spread across social media, encouraged buying of iShares Silver Trust, an exchange traded fund (ETF) whose shares represent ounces of silver sitting in vaults.
This would force the fund to create new shares and buy silver to back them, exposing a shortage of supply and pushing prices up, said the post under the headline “THE BIGGEST SHORT SQUEEZE IN THE WORLD $SLV Silver 25$ to 1000$.”
https://www.reuters.com/article/us-retail-trading-silver/analysis-reddit-is-coming-for-silver-a-short-squeeze-unlikely-idUSKBN2A12VG
https://www.bullionstarpartner.com/
