Silver reaches 8-year high on WallStreetBets short squeeze

Retail investors spurred on by the WallStreetBets Reddit group have taken aim at silver, with COMEX futures for the precious metal hitting an 8-year high of $30.35 on Monday.

  • Silver price up as much as 19% since Thursday
  • Investors are trying to “squeeze” short-sellers, forcing them to purchase at higher prices to close out positions
  • Online bullion outlets overwhelmed by demand – no physical stock available at major retailers
  • Mining stocks benefit, with several seeing gains in excess of 20% during Monday trade
Written By Jonathan Norris
Jonathan is a founder of Mining.com.au and has been covering the resources industry since 2018. With over 17 years experience in print, broadcast and online media, Jonathan has seen first hand the transformative effect of online niche media.