Day Trading Drives Market for Silver
1/29/2021 8:41:58 AM
Day Trading Drives Silver Market
Silver spiked at the end of this week due to endorsements from retail trader Reddit forum WallStreetBets. It hit $27.48 by 9 a.m. EST. Gold is also up after a rough Thursday, trading at $1,883.99 by the same time.
Retail day traders have been the story of the week. Small investors in large groups, directed by forums like WallStreetBets and investors like Barstool’s Dave Portnoy and industrialist Elon Musk, are moving the market in unprecedented ways. These small traders have severely hurt several hedge funds after targeting overshorted stock like GameSpot and forcing them to cover their bets. The surge was so profound that some favorite stocks were banned from trade on Thursday on popular platforms like Robinhood, causing widespread outrage.
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