The price of silver rose to a five-month high on Monday. That happened after many posts about this on social media such as Reddit. The same pattern was seen last week with shares of game seller GameStop, whose price rose by no less than 1,500 percent in a short time.
Many smaller investors then wanted to put so-called short sellers on their heels. They did this by quickly driving up the price. These shortsellers speculated on a fall in the price of the GameStop share, but because the price rose quickly, they lost a lot of money.
Investors are now probably trying to do the same with the silver price, as witnessed by thousands of recent posts on Reddit and hundreds of videos on YouTube suggesting that a rise in the price of silver is hurting big banks.
Spot prices of silver rose 7.4 percent in Asia on Monday, for example, to $ 28.99 (23.91 euros) per ounce (31.1 grams). Compared to last Wednesday, the price has even increased by 15 percent and reached its highest point since mid-August. The share prices of silver mining companies also skyrocketed, while silver coins were also extremely traded.