Silver prices were up 7% today as the Reddit army shifted focus from GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC). Our top silver picks were up 15% on average. As for WoW performance, silver was up 14% vs 23% for our top picks. The current run-up in prices, which was instigated by retail traders, is likely from strong demand from both retail and institutional investors. We believe retail trading is likely to be short-lived because unlike GME and AMC, short positions in silver are relatively low. The Reddit traders’ strategy worked well for GME and AMC, as these stocks have large short positions, with guaranteed buyers.
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