Two weeks ago, masses of retail investors pushed the price of US stock Gamestop higher in a strong sign of herd mentality. Last week, retail investors turned their attention to silver, attempting to manipulate the price to push it to unprecedented highs, as they were alleging that silver was the next short squeeze for hedge funds.
On Monday, 1 February, silver rose to a high of $28.60 USD/oz due to demand, as retail traders rushed to grab a bargain like shoppers outside Myer during Boxing Day sales. However, it quickly retreated on Tuesday to trade lower than it opened on Monday and by 4 February, it had fallen to $26.33 USD/oz. Silver is currently trading at $27.00USD/oz (as of writing), which means, retail investors are most likely holding on to losses and wondering what occurred.
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