Silver is apparently the new GameStop (GME) .
Silver broke above $30 an ounce on Monday, its highest level since 2013, as the precious metal replaced GameStop as the target of retail investors taking collective speculative action to boost prices of securities and now commodities through online messaging platforms like Reddit's WallStreetBets.
Silver futures jumped as much as 13% to $30.35 an ounce on Comex after a weekend buying binge that reportedly overwhelmed online sellers of silver coins and bars. BlackRock’s iShares Silver Trust (SLV) - Get Report, the largest exchange-traded product tracking the metal, recorded an unprecedented $944 million net inflow on Friday, according to Bloomberg.
Retail sites reportedly were overwhelmed with physical demand for silver on Sunday, including Money Metals, SD Bullion, JM Bullion and Apmex, with several saying they were unable to process orders due to unprecedented demand.
Like the buying stampede in GameStop, AMC Entertainment (AMC) - Get Report, BlackBerry (BB) - Get Report and others that has captivated the financial world in recent weeks, silver’s advance can be traced to Reddit’s WallStreetBets forum.
One post last week declared the metal “THE BIGGEST SHORT IN THE WORLD” and encouraged traders to pile into the iShares trust as a way to stick it to big banks.
The hashtag #silversqueeze was trending on Twitter on Monday.