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Silver Prices Spike 11% Reaching 8-Year High After Reddit’s Investors Jump-in

Retail investors who first organized on Reddit to orchestrate the short squeeze in GameStop turned their attention to silver on Monday. The multi-year low gold-silver ratio as well as the belief that bullion banks are keeping prices of silver low and are net-short sparked their.

Spot silver has surged north of 17% since Wednesday when multiple active silver-focused threads on r/wallstreetbets suggested a short-squeeze. The safe-haven reached an 8-year high.

Silver-focused Exchange Traded Funds (ETFs) are benefiting from the rise of spot silver prices and net inflows in their ETFs .

According to Bloomberg, the largest silver-backed ETF, iShares Silver Trust (SLV) which is valued at $15 billion and aims at mirroring the price of the precious metal, saw an unprecedented net inflow of $944 million on Friday.

Safe-havens such as Silver are seen as hedge against inflation and endless Quantitative Easing. They have gained momentum under the currently unprecedented fiscal and monetary stimulus as well as severe economic uncertainty.


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