Dow Jones Industrial Average (DJINDICES: ^DJI) was up 240 points to 30,223. The
S&P 500 (SNPINDEX: ^GSPC) gained 60 points to 3,774, while the
Nasdaq Composite (NASDAQINDEX:^IXIC) outpaced them all with a massive 322-point gain to 13,394.
The attention on Wall Street remains squarely on the efforts of the groups of individual investors spearheading the big moves in short-sold stocks, like
GameStop (NYSE: GME). Over the weekend, those investors targeted the silver market, and they were largely successful in pushing prices higher. Yet the gains that investors are seeing from these silver-squeeze candidates aren t nearly as large as the moves in GameStop and other stocks were.
Silver to the moon?
Silver futures are soaring to kick off the new trading week and month, topping $30 in pre-market trading.
This comes as Reddit’s Wall Street Bets community has placed a bullseye on the white metal, attempting to lift prices that they think are being suppressed.
But WSB retards and autists will ostensibly be homing in on specific trades, and this is how they are performing at the time of this writing:
iShares Silver Trust (SLV): +10.12% to $27.52
First Majestic Silver Corp. (AG): +37.31% to $24.88
Sprott Physical Silver Trust (PSLV): +15.66% to $11.08
Are more gains to come?
The goal for this forum-turned-hedge fund is to bring silver to $1,000. That is a lofty task, indeed.
Will Precious Metals Continue to Shine in 2021? Gold and silver are significantly higher year-to-date.
Dec 21, 2020 | 11:00 AM EST
What a year it has been for precious metals. While gold has backed off of its $2064 August all-time high to about $1891 (unadjusted for inflation though), the yellow metal is still up about 24% year-to-date. Meanwhile, silver is up about 46% year-to-date, currently trading at about $26.31/ounce, but off about 10% from the 2020 high it hit in August. Silver, however, is nowhere near the $47+ all-time high it hit in 2011 (also unadjusted for inflation).
One of the more interesting precious metals related anecdotes for 2020 occurred early in the pandemic when the spot price collapsed. The silver spot price fell below $12 in March, but that did not tell the whole story. At that time the price for actual, physical silver (in this case, junk silver, or 90% silver coins minted prior to 1965, without numismatic value) rose far above the spot price.