The price of silver shot higher in Asia as retail traders turned their focus to the precious metal following their success in pushing shares of games retailer GameStop up to stratospheric levels, while equities across the region advanced in a less volatile start to the week.
The spot price for silver climbed as much as 7.4 per cent to $28.99 per troy ounce in early trading on Monday, touching its highest level since August.
The rally came after a user on Reddit’s r/WallStreetBets forum urged people to buy shares and silver options to put a squeeze on banks. BlackRock’s iShares Silver Trust, the world’s largest silver-backed exchange traded fund, drew inflows of almost $1bn on Friday.
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