Silver Rises to a Peak of 6 Months Due to Retail Boom

Silver rose for the third session in a row on Monday, February 1, rising as much as 7.4% near a six-month peak after posts on social media last week called for retail investors to flood the market.

Spot silver reached its highest level since August 11 at $ 29.7 an ounce earlier in the session and rose more than 7% to $ 29.4.

Silver, which is a safe-haven asset and an industrial mineral, has increased more than 15% since Thursday, when publications began circulating on the Reddit website calling for individual investors to buy shares of silver mining companies and ETFs backed by bars in silver present, in operations that pushed bettors on the decline of silver. To buy the metal to cover city centers similar to what happened in Gamestop stocks.

Data from the IShares Silver Trust Traded Index on Friday showed that 37 million shares were created in one day, each one representing an ounce of silver.

Following the silver gains, gold rose 0.8% to $ 1860.76 an ounce. And US gold futures won 0.7% to $ 1863.40. Platinum gained 2.4% to $ 1098.08 and profit of palladium 1.2% to $ 2253.64.