Futures contracts for silver surged higher on Sunday night as the Reddit-fueled boom in highly shorted stocks appears to be spilling over into the metals market.
Silver futures were up 8% shortly after the futures market opened, marking the biggest move in the futures since at least 2013. The contracts last traded up 6.8%.
The spike in demand for silver appears to be related to retail traders in the Reddit forum WallStreetBets, which has helped drive trading activity in heavily shorted stocks like GameStop and AMC Entertainment in recent weeks.
This is self serving on Cameron’s part, but for what it’s worth.