Silver Is the Latest Market Hit by Reddit Day-Trader Frenzy
- Spot silver has biggest jump since August after Reddit mention
- Gold and copper are also lifted by wave of spillover buying
This article is for subscribers only.
The first signs that the silver market was about to get hit came Wednesday.
Comments began appearing on the Reddit chatroom r/wallstreetbets -- the investor board now famous for fueling an astonishing short squeeze in Gamestop Corp. that sent its market value soaring by 788% in a week. Posters started egging each other on to pile into IShares Silver Trust, the largest silver exchange-traded fund around, saying banks have been manipulating silver prices, keeping them artificially low and masking a shortfall in physical supplies. One post described it as “THE BIGGEST SHORT SQUEEZE IN THE WORLD.”