Editor’s Note: With so much market volatility, stay tuned for the daily news! Get caught up in our quick recap of today’s most read news and expert opinions in minutes. Register here!
(Kitco News) – Silver futures prices are trading sharply higher and gold is making moderate gains in early Comex Sunday night futures trading. Social media lit up over the weekend, especially on Reddit, when a growing group of retailers wanted to beat another market – this time silver – that they claim is dominated and manipulated by the “big boys” on Wall Street. This follows the GameStock saga that unfolded last week, where the smaller retailers put pressure on the big hedge funds that shorted the troubled business.
The silver market is a much bigger beast to include than a smaller individual stock. Still, the “Redditors” have scared many on Wall Street, especially the big hedge funds who like to short stocks they think will run into trouble now or in the future.
While gains in silver are certainly solid in early Sunday night trades, it’s not the epic price hikes that some social media sites predicted over the weekend. However, the night and the trading week are still young and a lot can happen overnight even. The United States.
Stock indices are markedly lower in early night trading, which could lead to further safe harbor demand for gold and silver as equity index losses accelerate.
Importantly, the gold and silver markets had a bit of a tailwind before the Redditor trading began. Many experienced market watchers were already of the opinion that the ‘inflationary trade’ would stimulate the markets for raw materials, including the metals, what with major central banks and governments. pumping so much liquidity into financial systems to kickstart major global economies paralyzed by the Covid-19 pandemic.
This story has yet to be fully played out. Stay tuned to Kitco News for the latest developments in this area regarding the metal markets.
March’s silver was up $ 2.01 to $ 28,915 for the last time, and February’s gold was up for the last time
$ 9.60 at $ 1,856.90.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; Neither Kitco Metals Inc. neither the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article assumes no liability for any loss and / or damage arising from the use of this publication.