Silver prices are on the rise Monday as Reddit investors continue to target the precious metal and boost it up higher.
This has members of the Reddit WallStreetBets picking shares of silver stocks this morning and sending their prices soaring. Some of the shares benefitting from this include iShares Silver Trust (NYSEARCA:SLV), First Majestic Silver (NYSE:AG), Avino Silver & Gold Mines (NYSEAMERICAN:ASM), and Sprott Physical Silver Trust (NYSEARCA:PSLV).
However, there’s conflict over on r/WallStreetBets on if investing in silver is a good idea. Several threads on the forum are calling for members to not invest in it. There are others that claim it’s a trap to benefit hedge funds and distract from GameStop (NYSE:GME).
The short squeeze on silver has spread beyond WSB and even caught the attention of other social media platforms. Over on Twitter (NYSE:TWTR) the silver hashtag is trending with users discussing the recent surge in price and what it means for the market.
The push into silver stocks started last week when investors on r/WSB called for people to take out shares and sending prices soaring. This resulted in a similar boost in prices on Thursday that has continued since then.
Barron’s notes that the recent interest in future stocks has caused silver futures to soar. Those rose 11% and got to $30 today, which is the highest its been in eight years.
SLV stock was up 9.1%, AG stock was up 24%, ASM stock was up 58.5%, and PSLV stock was up 10.2% as of Monday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.