(4 February 2021) Retail investors combined forces via Reddit on Monday to push silver prices up and by doing so to put a "squeeze" on banks that were shorting silver, a competing investment to government bonds and currencies. The result was an 11% spike in silver prices to $30/oz, the highest value in eight years. The victory was short-lived as prices fell the next day by 8% to $27/oz.

  • The price spike was fueled by the rapid inflow of retail investors into the iShare Silver Trust—the largest exchange-traded product tracking the metal—which recorded an unprecedented $93 million net inflow on Monday.
  • In 2020, silver prices averaged $20.5/oz rising from $14.9/oz in March to $24.9/oz in December and peaking at $27/oz in August.

Price forecasts and futures data suggest that the Reddit crowd will be disappointed by silver prices in the coming years.

  • World Bank estimates show the price of silver stable at around $18/oz over the next 10 years.
  • Futures contracts with delivery in the next 5 years put the price of silver at around $26/oz.


Price forecasts of other critical commodities: 

gold | copper | aluminum | nickel | zinc | coal | natural gas | crude oil

Last updated: 

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