Silver stock surges as trading army turns to commodities

Silver stock surges as trading army turns to commodities

Silver stock prices leapt to a five-month high on Monday on social media calls to buy the metal and emulate the frenzy that drove up GameStop shares.

The recent GameStop surge, which was also fuelled by retail investors, was also seen as a revolt against large institutional investors.

Demand for silver is going crazy and rippling through to other commodities and stocks. Shares in a handful of smaller Australian mining firms surged as small-time traders bought en masse. Coin-selling websites also reported unprecedented demand and flagged delays in delivering silver.

Silver rose as much as 7% to $28.99 an ounce, its highest value since mid-August.

The moves are the latest example of small-time traders buying stocks and other assets that large Wall Street funds bet against, resulting in large losses for major investors.

In addition Argent Minerals, Boab Metals and Investigator Resources leapt more than 15%.

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