Silver Futures Soar 8%, Rise above $29 as Reddit Hordes Pile In
The comments below are an edited and abridged synopsis of an article by Tyler Durden
Spot silver is at its highest since the August/September 2020 highs, while gold futures managed only modest gains. Silver’s outperformance has pushed the gold:silver ratio to its lowest since 2014.
Silver miners are also getting some attention: Australian silver stocks, including Argent Minerals and Boab Metals, have risen more than 20%.
There are also signs of a notable regime shift. Investors are holding onto silver they own, rather than trying to take profits.
“Now we’re seeing nothing, no single offer, which is scary,” Peter Thomas, senior vice president at Zaner Group, said. “Whatever we sell, people are holding it. There’s no inflow of metal at all.”
