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+---- Thread: Silver futures jump more than 6% as Reddit traders try their squeeze play with the me (/thread-661.html)
Silver futures jump more than 6% as Reddit traders try their squeeze play with the me - superadmin - 02-01-2021
Silver futures jump more than 6% as Reddit traders try their squeeze play with the metal
- The sharp move higher builds off gains for silver and silver-related equities late last week.
- The spike in demand for silver appears to be related to retail traders in the Reddit forum WallStreetBets, which has helped drive trading activity in heavily shorted stocks like GameStop and AMC Entertainment in recent weeks.
Futures contracts for silver surged higher early Monday morning as the Reddit-fueled boom in highly shorted stocks appears to be spilling over into the metals market.
Silver futures were up 8% shortly after the futures market opened, marking the biggest move in the futures since at least 2013. The contract has since pared some of its gains, last seen up more than 6.7%.
The sharp move higher builds off gains for silver and silver-related equities late last week. Silver mining stocks Coeur Mining and Pan American Silver rose 16.9% and 14.7%, respectively, on Thursday and Friday. The iShares Silver Trust jumped 6.7% during those two sessions.
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