Unprecedented investor interest in silver has continued through the weekend, spilling into the physical market with many bullion dealers unable to keep up with the demand, reports Kitco.
Kitco continues:
After creating massive short-squeezes in stocks like Gamestop, Blackberry and AMC, retail investors mobilized over social media started to focus on the silver market. Reddit's Wall Street Bets has been one of the leaders of the organized mob with its subreddit discussion: 'The biggest short squeeze in the world $SLV Silver $25 to 1000$.'...In anticipation of a massive open Sunday evening, retail investors have been busy buying physical bullion over the weekend. Many bullion dealers have had to stop processing online orders because of the unprecedented demand, in the face of price uncertainty.
During my podcast this morning, during the last half, I discussed why buying gold and silver was a better way to strike back at the crony establishment than squeezing stocks like GameStop.
The podcast is here.
-RWUPDATE
From Bloomberg:
Retail sites were overwhelmed with demand for silver bars and coins on Sunday, suggesting the Reddit-inspired frenzy that roiled commodities markets last week is spilling over into physical assets.
Sites from Money Metals and SD Bullion to JM Bullion and Apmex, the Walmart of precious metals products in North America, said they were unable to process orders until Asian markets open because of unprecedented demand for silver...
There are also signs that investors are holding onto silver they own, rather than trying to take profits.
“Now we’re seeing nothing, no single offer, which is scary,” Peter Thomas, senior vice president at Zaner Group, said by phone from Chicago. “Whatever we sell, people are holding it. There’s no inflow of metal at all.”
UPDATE 2
Premiums on American Eagle silver coins have risen to close to $5 from a normal level of $2 over the past three days, according to Everett Millman at Gainesville Coins in Florida.
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