Silver is the new Gamestop: Price boosted by online movement

National

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Feb. 1, 2021. Asian stock markets gained Monday after coronavirus vaccine maker AstraZeneca agreed to increase supplies to Europe amid rising worries about the disease.(AP Photo/Ahn Young-joon)

LONDON (AP) — The price of silver is rallying as the online trading movement fuelling the rise of unloved shares like GameStop took a shine to the precious metal.

Silver futures jumped more than 10% on Monday, after briefly rising above $30 an ounce early trading, following strong gains over the weekend.

On Twitter, #silversqueeze was trending as investors turned their attention to the latest market strategy to emerge from the “WallStreetBets” forum on Reddit.

The online army of Reddit traders have over the past week rallied to defend out-of-favor companies such as Gamestop and AMC, defeating hedge funds that had bet the shares would fall by selling them short, in a stunning reversal of financial power transfixing Wall Street.

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