The silver jump is 6% higher! Several precious metal platforms in the United States have been "forced" to suspend silver sales.

Spot silver jumped 6 per cent to break the $28 mark on Monday, while silver futures for COMEX rose more than 8 per cent.

Spot gold also jumped to $1866 an ounce, up nearly 1% a day, but then quickly gave up its early gains, falling more than $10 to $1855.22 an ounce.

On Sunday, several major US precious metals retail websites suspended the sale of silver products, including Money Market, SD Bullion, JM Bullion, Apmex and Wal-Mart North America. They all said they could not accept new orders until the silver Asian market opened on Sunday night in North America.

The reason given by these platforms points to a surge in demand. AMPEX, the largest precious metals exchange in the US, said in a statement that due to unprecedented demand for physical silver products, we could not accept large orders until Sunday night, the Asian market.

Retail demand for silver bars and coins surged over the weekend, which was seen by foreign media as a sign that the "frenzied buying" wave triggered by Reddit has spread from last week's volatile commodity market to physical assets.

Jin Shi reported last week that a hot Reddit post called on retail investors to "empty the biggest silver in the history of the launch". Perhaps driven by the boom, demand for physical silver surged over the weekend.

Spot silver prices, futures silver prices and the world's largest silver ETF iShares Silver Trust all rose more than 5 per cent last week.

Industry insiders confirmed the popularity of the retail silver market. Robert Higgins, chief executive of Argent Asset Group LLC, said his phone had been flooded all day and people were eager to buy gold or silver:

"at present, this is a very tight physical market. And I don't know what the solution is. Unless things calm down, the market will explode at 6 p.m. EDT on Sunday. "

According to Everett Millman of the Gainesville Coin Company in Gainesville, Florida, the margin for American silver eagles has risen from the normal level of $2 to nearly $5 in the past three days. There is a notice on his company's website that it will take longer than normal to process the order.

Millman believes that this situation of supply falling short of demand may further worsen:

"this is bound to prompt more buyers to catch up with retail investors on Reddit and exacerbate the bias that holding physical silver is a relatively safe investment rather than speculating in the stock market."

Now, there are indeed signs that more and more investors tend to hold silver rather than speculate on it.

This led to a strange appearance. Peter Thomas, senior vice president of Zaner Group, said:

"right now, we haven't seen a single order we bought. No matter what we sell, people hold it, and there is no silver back to the market at all. "

Millman pointed out that what is unusual in the physical silver market this time is that "each platform is raising its own margin". Under normal circumstances, some retailers will be able to offer lower margin.

In this regard, users of the Reddit forum are also very indignant at the suspension of the sale of silver on the platform. Some netizens mentioned that the move was "unprecedented" and did not occur when the physical silver market was full of demand and even the delivery crisis occurred in March last year.