March silver futures pinned $2.921, or 10.85%, to $29.835 per ounce at 12:53 GMT on Monday on the New York Mercantile Exchange’s COMEX division. The white metal had sold as high as $30.35 before trimming some of its massive profits. Silver is coming off a weekly gain of approximately 6% and a monthly weight of 2%.
Gold, the relative commodity to silver, is also pushing to kick off the trading month. April gold futures rose $21.70, or 1.17%, to $1,871.30 an ounce. The yellow metal slid 0.31% last week and 2.72% in January.
Although GameStop and AMC are still remarkably volatile, online traders have used their epic interest in the silver market. Following last week’s post on Reddit’s Wall Street Bets page, silver has been on a break.
The forum-turned-decentralized hedge fund said that any short squeeze in silver paper shorts would be significant.
Why not press $SLV into the exact physical price.
Investors are concentrating on three direct investments: iShares Silver Trust (SLV), First Majestic Silver Corp. (AG), and Sprott Physical Silver Trust (PSLV). They have all risen to multi-year highs between the silver rally.
But apart from Redditors carrying silver higher, there have not been any fundamental shifts to hold the precious metal. If the Wall Street Bets’ crowd’s current track record is any indicator, this could be the source of a large spike.
the financial community is advising about bubbles building in commodities
A soaring dollar disappointed to put a hole in the metals market. The US Dollar Index, which measures the dollar versus a basket of currencies, improved 0.28% to 90.84, from an opening of 90.53. A more powerful dollar is typically inadequate for dollar-denominated commodities because it makes it more costly for foreign investors to buy.
In other metal markets, March copper futures dropped $0.015, or 0.42%, to $3.541 per pound. March platinum futures risen $47.80, or 4.28%, to $1,125.40 an ounce. March palladium futures surged $49.60, or 2.25%, to $2,258.00 per ounce.