Rumors of $1000 an ounce silver have been swirling on the Internet over the weekend as bullion suppliers halt sales ahead of the Sunday evening market open in anticipation of a squeeze.
“Unprecedented investor interest in silver has continued through the weekend, spilling into the physical market with many bullion dealers unable to keep up with the demand,” Kitco reports. “After creating massive short-squeezes in stocks like Gamestop, Blackberry, and AMC, retail investors mobilized over social media started to focus on the silver market. Reddit’s Wall Street Bets has been one of the leaders of the organized mob with its subreddit discussion: ‘The biggest short squeeze in the world $SLV Silver $25 to 1000$.’”
“The mobilization of retail investors in the silver market has created an impressive move for the precious metal. March silver futurse prices ended Friday around $27 an ounce, for a nearly 6%,” the report reads. “In anticipation of a massive open Sunday evening, retail investors have been busy buying physical bullion over the weekend. Many bullion dealers have had to stop processing online orders because of the unprecedented demand, in the face of price uncertainty.”