Silver s sudden price surge bumps mining stocks as online posts peak retail interest
by The Canadian Press
Last Updated Feb 1, 2021 at 11:58 am EDT
FILE - In this file photo dated Wednesday, May 9, 2007, Silver bullion, bars weighing five kilograms each, are displayed in the trading room of the stock exchange in Frankfurt, Germany. Silver futures jumped more than 10% on Monday Feb. 1, 2021, following strong gains over the weekend.(AP Photo/Michael Probst, FILE)
CALGARY Shares in Canadian silver mining companies are posting double-digit increases as the price of the shiny white metal surges to multi-year highs driven by retail investors.
In morning trading on the Toronto Stock Exchange, First Majestic Silver Corp. was up as much as 33.3 per cent, Silvercorp Metals Inc. by 32.5 per cent, Fortuna Silver Mines Inc. 27.58 per cent and Pan American Silver Corp. up about 11 per cent.
Share:
Silver futures jumped on Sunday night as speculation arose that the Reddit investors-led short-squeeze rally that pushed up shares in
GameStop Corporation (NYSE: GME) and others is extending into the precious metals market.
What Happened: March silver futures traded 5.34% higher at $28.37 at press time. The futures shot up 8% shortly after the opening of the market at one point.
Spot silver traded 4.61% higher at $28.23 at press-time.
A post on r/WallStreetBets targeted large banks like
JPMorgan Chase & Co (NYSE: JPM) and
Goldman Sachs Group Inc (NYSE: GS) in relation to the “Silver Squeeze.”
“The Silver squeeze will bring down the biggest banks in the world. That s why Robinhood barred trading of $SLV the day after they took a billion dollars in loans from JPM and Goldman Sachs,” the post said.
Dan Healing
In this file photo dated Wednesday, May 9, 2007, silver bullion, bars weighing five kilograms each, are displayed in the trading room of the stock exchange in Frankfurt, Germany. Shares in Canadian silver mining companies are posting double-digit surges as the price of the shiny white metal rises to multi-year highs driven by retail investors. THE CANADIAN PRESS/AP/Michael Probst, FILE February 01, 2021 - 1:51 PM
CALGARY - Shares in some Canadian silver mining companies posted double-digit increases on Monday as the price of the shiny white metal surged to eight-year highs with some crediting promotional discussions on social media sites like Reddit.
Silver s sudden price surge bumps mining stocks as online posts drive retail interest princegeorgecitizen.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from princegeorgecitizen.com Daily Mail and Mail on Sunday newspapers.
Share:
Silver stocks such as
First Majestic Silver Corp (NYSE: AG) are shining amid speculation that the Reddit-fueled frenzy will extend to the precious metal and companies associated with it.
What Happened: First Majestic shares closed 21.56% higher at $16.86 and gained 12.69% in the after-hours session on Thursday. The iShares Silver Trust (NYSE: SLV), an ETF that tracks silver closed 5.55% higher at $24.72.
Spot silver traded 0.71% lower at $26.227, while March silver futures were up 1.38% at $26.28 at press time.
On Thursday, a WallStreetBets post claimed that banks are “manipulating gold and silver to cover real inflation.” The post went on to say that the inflation-adjusted price of silver should be $1,000 and not $25.