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(Kitco News) – Silver futures prices are trading higher and gold is holding moderate gains in Comex futures trading on Sunday evening. Social media was lit up over the weekend, especially on Reddit, as a growing group of retailers sought to destroy another market – this time for silver – which they claim was dominated and manipulated by the “big boys” on Wall Street. This follows the GameStock saga that took place last week, in which small retail traders put pressure on the large hedge funds that had short sold the troubled businesses.
The silver market is much larger than a smaller individual stock. Still, “redditors” scared many on Wall Street, especially the big hedge funds that like to sell stocks that they think will be in trouble now or in the future.
While the silver gains are certainly solid in Sunday night’s first trades, they are not the epic lunar price advances that some social media sites predicted over the weekend. However, the night and week of negotiations are still young, and much can happen during the night. The USA
Stock indices are trading solidly lower in the initial “night” trades, which could lead to safer demand for gold and silver if losses in stock indices accelerate.
It is important to note that the gold and silver markets had a little wind in favor before the start of the Redditor trade. Many veteran market watchers were already calculating that the “inflation trade” would boost commodity markets, including metals, with major central banks and governments injecting so much liquidity into financial systems to boost major world economies that were affected by the pandemic. from Covid-19.
This story has not yet fully unfolded. Stay tuned on Kitco News for the latest developments on the subject with regard to the metals markets.
March silver rose $ 2.01 by $ 28.915 and February gold was up
$ 9.60 to $ 1,856.90.
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