Silver, Reddit's new target, soars over 10% in a few hours
What is happening with the money?
- The price of silver on the morning of Monday, February 1st marked an increase of up to 11% (USD30 per ounce), reaching its highest price in eight years.
- The largest ETF for the metal backed by physical stocks, the iShares Silver Trust (SLV), received $1 billion in inflows last Friday.
- Metals and coin trading firm Money Metals has had to curtail trading in the metal at times.
- Shares of some mining companies rose as much as 60%. To name a few, First Majestic Mining is up 29% in the U.S. and China Silver Group has advanced 45% in Hong Kong. In addition, Silver Mines 49% in Sydney and Fresnillo 49% in London.
- The current gold to silver ratio is 73-1. Which means that the price of gold per ounce is 73 times the price of silver. Natural silver is only 18.75 times more common than gold, so this 73-1 ratio is quite high.
