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Day Trading Drives Market for Silver

Day Trading Drives Market for Silver

APMEX

1/29/2021 8:41:58 AM

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.


Bitcoin surged ahead on Friday when Elon Musk tweeted about the cryptocurrency. Musk also boosted the cryptocurrency dogecoin.


The Fed’s meeting this week did not change any policy, with interest rates and dollar support staying the same.


Anthony Fauci indicated the spring timeline for U.S. vaccinations was too optimistic, saying he thought it would be closer to the end of summer.

APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies

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