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.
Author(s): Matt Egan
Publication Date: 2 February 2021
Publication Site: CNN