Posted on 02/01/21
| News Source: i24
Precious metal's price soars 10% in early trading as Redditors seek a repeat of GameStop gains
Silver prices surged to an eight-year high on Monday, silver-mining stocks leapt and bullion dealers were left scrambling as small-time investors piled in to the metal, the latest target of a retail-trading frenzy that has set financial markets on edge.
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Organised in online forums and traded with fee-free brokers, such as Robinhood, the phenomenon has driven a 1500-percent rally in the shares of videogame retailer GameStop as the crowd scoops up assets big fund managers had bet against.
The action in silver, following thousands of Reddit posts and hundreds of YouTube videos suggesting that a rise in the physical price could again hurt large investors with bets on it falling, marks a foray into a much bigger and more liquid market.
Spot silver leapt more than 11 percent in London to $30.03 an ounce, taking gains to about 19 percent since last Wednesday and the price to its highest since February 2013. Read more at i24
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