Silver opened with a huge upside gap and now is pricing nearly %6.89 over from the last week’s close. The price is now over 27,90 and the odds of testing the August high, 29.85 is increasing rapidly.
After the post on the Wallstreetbets, people rush to silver mining shares, coins even physical silver but most of all to one of the biggest silver ETF, iShares Silver Trust. The volume of the ETF reached nearly August highs, which was the highest since 2011.
The goal of the Wallstreetbets is to surge the price of the metal to $1000 which is highly unlikely. But the volume of silver is so much higher than the stocks that surged last week. But in any way, silver investors will appreciate the support.
Silver remained flat throughout the 2013-2020 period despite the gold’s increase. But 2020 was an excellent year. If the 29.85 top extended in the coming days, the %50 level of the 2011-2016 fall, 31.726 can be a good target for silver bulls.