Why Silver Stocks Are Shining Today
Retail traders who drove up shares in the likes of GameStop and AMC Entertainment last week have shifted their focus today. Participants in the Reddit forum WallStreetBets seem to be targeting a short squeeze in iShares Silver Trust (NYSEMKT: SLV) which is driving the price of silver almost 10% higher and bringing miners along for the ride. As of 11 a.m. EST, shares of several silver mining companies are trading higher:
Spot silver prices jumped about 10% today, the biggest single-day gain in 11 years. Several discussions about the commodity were active on WallStreetBets on Sunday night, according to CNBC. The hashtag #silversqueeze has also been increasingly trending online.
Silver miners often trade along with the price of the commodity itself as well as mining production results.
Source Fool.com
