Reddit Focused on Silver!

Reddit focused on silver, the peak of the last 7 years is happening! After GameStop, the eyes are now turned to silver.

After users of Reddit, the social forum platform, jumped into GameStop shares, they now turned to silver. Silver, which increased by about a percent last week, rose over 10 percent as it entered the new week as the trend on Reddit. With this rise, the precious metal has reached its peak in the last 7 years. While retail outlets are busy over the weekend demanding bullion and coin silver due to increased demand, precious metal sellers in the US such as Apmex reported that they will not be able to process orders until Asian markets open due to excessive demand. Silver futures contracts, after Reddit users organized, completed the last week with an increase of about 6 percent. Silver, which closed the year 2020 with an increase of nearly 50 percent, doubled gold in the annual performance. Guardian Vaults Business Development Manager John Feeney said the following on the matter: “This is totally insane! Number of accounts opened over the weekend is equal to the total of accounts opened in three weeks.” As the gold/silver ratio progresses lower than the last few years, more effort is needed to raise commodity prices than in the GameStop case, according to Bloomberg News. Silver prices rose 11 percent as we started the new week and traded at $ 30.05 per ounce.       This article has contributions of Bloomberg HT.