The price of silver is increasing rapidly which reminds us of the recent surge in GameStop price this year. Recently the rising silver price has become an online trend like the increasing stock price of unloved shares. Reportedly the value of silver has marked the highest price in more than ten years. On Monday, the metal’s price jumped to more than 10% after rising above the price of $30 per ounce earlier.
Online Trends Over Silver Price :
As investors focused their attention on the latest strategy by the WallStreetBets, a Reddit community of retail traders, the newest online trend on the silver price i.e #silversqueez started to get popular. The influence of WSB played a great role in remarkable changes in the price action of companies like AMC and GameStop.
The latest storm on the market is silver which has been influenced by supporters of groups like WallStreetBets. The followers of WSB have repeatedly pointed towards the prevailing inequality in the financial system, wedging a silent war against the Wall Street traders.
According to Rabobank global strategist Michael Every, if the price continues to increase for a long time, the investors who used to bet against silver and gold have to revert and buy the costly metals which will lead to a higher rise in its cost. The same strategy helped in the great increase of the GameStop stock price.
The rising price of silver also created an overwhelming impact on the silver market. Buyers who demand the metal in physical form are reportedly delayed by the dealers in their delivery because of the current price rise.
A Netherlands-based dealer namely The Silver Mountain recently announced their decision to briefly postpone new orders for the rising market demand.
As the incredible rise in silver price is creating a buzz in the market, investors plan their strategies to gain profit from the alluring opportunity.