Gold Might Be Down, But This Silver ETF Could See Strength
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Is a Silver Lining Materializing for Invesco s DBS ETF?
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Silver Spikes to 8-Year High of $30: ETFs to Ride the Rally Zacks.com 2/1/2021
Silver has been on a tear lately with its price climbing to $30 per ounce for the first time since 2013 in a Reddit-fueled frenzy. Reddit’s WallStreetBets forum declared silver “THE BIGGEST SHORT IN THE WORLD” last week, encouraging traders to pile into the grey metal.
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The social media, including thousands of Reddit posts and hundreds of YouTube videos, made calls to buy the metal and emulate the frenzy that drove up shares in the U.S. video games retailer GameStop GME by 1500% in just two weeks. Per Gregor Gregersen, founder of Singapore-based dealer Silver Bullion Pte, “the demand for physical silver is unprecedented, broad-based and deep with record number of orders as well as new record size orders over the past 24 hours.” Coin-selling websites also reported unprecedented demand and flagged delays in delivering silver.
January 29, 2021
Forget about the Covid-19 pandemic; it seems the major mover of markets these days has more to do with investor forums like Reddit. Silver could be the next target, which could give funds like the
“Silver futures prices and shares of silver miners climbed Thursday after a user in Reddit’s popular WallStreetBets forum posted about executing a ‘short squeeze’ in the notoriously volatile precious metal,” a Wall Street Journal article noted. “Most actively traded silver futures closed up 2.1% at $25.922 at troy ounce after earlier adding as much as 6.7%, while U.S.-listed shares of First Majestic Silver Corp. AG 21.38% , a mining company, ended the day up 21%. The iShares Silver Trust, a popular exchange-traded fund tied to silver, also surged.”