COMEX silver futures rose for the third day in a row to an eight-year high on Monday as retail investors shifted their focus from GameStop and other stocks to silver.
13:30 New York time (02:30 on February 2), the most actively traded COMEX3 monthly silver futures rose 2.504 U.S. dollars, or 9.3 percent, to settle at 29.418 U.S. dollars per ounce, the highest closing level for main contracts since February 19, 2013. It hit $30.35 an ounce in intraday trading.
April gold futures, the most actively traded, rose $13.60 to settle at $1863.9 an ounce.
Platinum futures rose $59.60 in April to settle at $1138.8 an ounce.
March palladium futures rose $33.30 to settle at $2241.70 an ounce.
Among other COMEX metals, copper for three-month delivery, the most actively traded, fell 1 cent to settle at $3.5460 a pound.
Spot silver prices have risen about 19% since Thursday, when Reddit posts called on retail investors to buy silver shares and (ETF), an exchange-traded fund backed by physical silver bars.
David Madden, a market analyst at CMC Markets UK, said in a market report that silver prices had soared because of "a large number of retail investors snapping up".
"if the experience of the past few days has taught us anything, it is that Reddit users can be very influential in some markets."
Last week, individual investors focused on the shares of relatively small, heavily shorted companies such as GameStop, driving their share prices to soar. Commodity experts say this group tends to gather on sites such as Discord and Reddit and may be turning their attention to silver.
"this kind of social media speculation on silver is still in its early stages, and we're not sure how much momentum we can have," said Edward Moya, a senior market analyst at OANDA. He added that the addition of new investors would be good for silver in the longer term because of favourable fundamentals.
From Thursday to Friday alone, its silver holdings jumped by a record 37 million shares, equivalent to an ounce of silver, according to (ETF) iShares Silver Trust ETF, the largest silver-listed fund.
Experts warn that gold's relatively lacklustre performance suggests that silver's rally may not last long. An ounce of gold can now buy 63.6 ounces of silver, up from 73.3 ounces on January 25.
Gold "rose slightly higher, dragged down by a strong rally in silver," Madden said. The upside of gold price is much smaller than that of silver price, but gold price remains stable above the 200-day moving average above $1850, and the recent upward trend should continue. "
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