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Silver continues to be the talk of the Reddit forums and getting all the headlines right now. WallStreetBets appears to be at least partially driving the silver surge now happening.
We have a couple of stock market articles for you today also. One looks at several precious metals stocks that are surging right now.
Let’s dig in…
Latest News
How Much of the Silver Surge is Due to WallStreetBets?
The silver market is the latest flashpoint in the Reddit mania that took over Wall Street last week. Silver futures surged as much as 13% to Monday, touching eight-year highs. That follows a 6% rally last week when some posts on the WallStreetBets group on Reddit called for betting on silver as a way to hurt big banks they believe are artificially suppressing prices. Meanwhile, retail sites warned customers over the weekend they could not meet skyrocketing demand for silver bars and coins. The Commodity Futures Trading Commission said it is monitoring the silver markets and "remains vigilant in surveilling these markets for fraud and manipulation." And "#silversqueeze" is trending on Twitter. However, it's not clear who the Reddit users are — nor whether their market moves match the claims online.
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Stock Market
Here’s Why These Precious Metals Stocks Rocketed Up
Shares of McEwen Mining (NYSE:MUX) rose 29% at the start of trading on Monday. Fortuna Silver Mines (NYSE:FSM) rose nearly as much, with a 27% advance. Great Panther Mining (NYSEMKT:GPL) rose almost 23%. And these were just a few of the precious metals miners seeing huge gains. SilverCrest Metals (TSX:SIL), Alexco Resource (NYSEMKT:AXU), and Americas Gold and Silver (NYSEMKT:USAS) were up 26%, 21%, and 16%, respectively.
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Commentary
Will Silver Be the Next GameStop? Here’s What You Need to Know Before Buying
Never, in the history of financial markets, has there been a commodity with as much potential as silver. Every time you look at the investment case for the “metal of the moon”, you quickly become convinced it is on its way there. Lamborghinis and other spoils start to fill your dreams. And yet, never has a commodity disappointed its investors so consistently.
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Commentary
Silver Should Be in Your Portfolio—Just Don’t Expect the Grey Metal to Make You Rich
Silver is the most frustrating of metals. I’ve said it before and I’ll say it again: never was there a metal, or even an investment class with so much potential – and yet never was there one that so consistently disappoints. But one day, Rodney, it will go to its rightful place on the moon. I think everybody knows someone like this; someone to whom life seems to have handed all the best cards. They’re tall, good looking, they never seem to have to worry about things that blight the rest of us like their weight, they’re well spoken, they are likeable, they dress well, they’re comfortable in company, they’re bright, they’re articulate, opportunities always seem to come their way.
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International
India Government Cuts Import Tax on Gold and Silver by 5%
The government slashed the import duties on gold and silver to 7.5% from 12.5%, finance minister Nirmala Sitharaman said on Monday, as the world’s second biggest gold consumer tries to bring down smuggling of the precious metal. Gold futures fell more than 3% following the surprise announcement in by Sitharaman.
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Stock Market
Silver Futures Rise Like a Balloon as Reddit Hordes Push it to $29
It was the one print everyone was waiting for, and here it is: silver futures opened up 7%, surging from $27/oz to a high of $29.095 following a weekend of speculation that the next big squeeze on WSB's radar is silver. And whether that's true or not, may no longer matter in a world where - as described below - there is virtually no physical silver to be purchased.
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