NEW YORK (Reuters) – Global shares rebounded from last week’s steep sell-off and silver prices surged on Monday as retail investors expanded their social media-fueled battle with Wall Street to drive the precious metal to an eight-year high.
A shift in the retail trading frenzy to silver drove up mining stocks on both sides of the Atlantic and left precious metals dealers scrambling for bars and coins to meet demand.
The iShares Silver Trust ETF – the largest silver-backed ETF – jumped 7.1%. Data showed its holdings rose by a record 37 million shares from Thursday to Friday alone, each representing an ounce of silver. Read more…..
Chart of the Day
Silver climbs $1.64 as of the 6:00 pm EST market open on Sunday as demand surges, pushing the price to 6-month highs.