Silver back from an 8 year high
Social Media Frenzy had pushed the metal to over 30 dollars.

Silver broke the $ 30 an ounce mark on Monday as the precious metal was at the center of the Reddit investor frenzy. Silver futures on the Comex exchange rose as much as 12.7% to $ 30.3 an ounce. The metal is up 19% since last Thursday after posts on Reddit prompted retail investors to buy silver mining stocks and exchange-traded funds (ETFs) backed by physical silver bars in a GameStop-like scrum. The silver retail websites have also been overwhelmed by demand for bars and coins. Traders like Money Metals, SD Bullion, JM Bullion and Apmex said over the weekend that due to unprecedented demand, they were unable to process orders until Asian markets opened. "The physical silver inventory is as good as gone," Tyler Wall, president and chief executive officer of SD Bullion, told Bloomberg TV. "There are massive shortages. If this continues, we will run out of stocks; for the first time since our company opened in Singapore 7 years ago," David Mitchell, general manager of Indigo Precious Metals told Reuters. The buying frenzy also affected mining stocks. Fresnillo Plc rose as much as 21% in London trading. First Majestic rose as much as 24% in New York. Organized on online forums and traded with royalty-free brokers like Robinhood, the phenomenon has driven video game retailer GameStop's shares to a 1,500% rally. The company started the year with a market cap of $ 1.2 billion and was valued at $ 24.2 billion on Wednesday.





