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(Kitco News) – Silver futures are trading sharply higher and gold is holding moderate gains in the early Comex futures trading on Sunday night. Social media was ignited over the weekend, especially on Reddit, as a growing group of retailers wanted to kill another market, this time silver – which they said was dominated and manipulated by the ‘big boys’ on Wall Street. This follows the GameStock saga that took place last week, in which the smaller retailers harmed the large hedge funds that curtailed the troubled business.
The silver market is a much larger animal to tackle than a smaller individual stock. Still, the “Redditors” have scared a lot of people on Wall Street, especially the large hedge funds that like short stocks are difficult at the moment or in the future.
While the rises in silver are certainly solid in the early hours of Sunday night, it is not the epic progress that social media sites predicted over the weekend. However, the night and the trading week are still young, and many can even happen overnight. The USA
stock indices traded sharply lower in the early “overnight” trading, which could cause further safe-haven demand for gold and silver if the losses in the stock index accelerate.
It is important that gold and silver markets had a bit of a back wind before the Redditor trade started. Many veteran market viewers already believed that the “inflation trade” would boost the raw commodity markets, including metals, with major central banks and governments. pumping so much liquidity into financial systems to start important global economies paralyzed by the Covid-19 pandemic.
This story has yet to unfold in full. Stay tuned to Kitco News for the latest developments on the metal market issue.
March’s silver last rose $ 2.01 to $ 28,915 and February’s gold last
$ 9.60 to $ 1,856.90.
Disclaimer: The views expressed in this article are those of the author and may not reflect the views expressed Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, not Kitco Metals Inc. or the author cannot guarantee such accuracy. This article is for informational purposes only. It is not a request to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article does not accept the blame for losses and / or damages arising from the use of this publication.