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Coin Sites Overwhelmed With Silver Buying Frenzy

Silver Buying Frenzy
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EDITOR NOTE:

Silver jumped 11% this morning--the largest one-day surge we’ve seen in eleven years! Over the weekend, the trading swarm that overwhelmed Wall Street hedge fund “shorts” spilled over to those suppressing the silver market, taking aim at physical coins and bars in addition to silver ETFs, and mining stocks. Many precious metals vendors were overwhelmed by the sheer volume of demand as the Reddit-fueled trading frenzy successfully drove prices higher across multiple asset classes. This is exactly what we’ve been talking about--a hedge against uncertainty and volatility. In this case, the extreme volatility was positive and in our favor. Whether you sought to position yourself in response to fundamentals, general market volatility, or in this case, targeted swarm activity, the writing on the wall concerning silver’s value has been up for months. And now, the swarm has given us an early boost to kick start silver’s reckoning. Hopefully, you’ve accumulated silver positions over the last few months to take advantage of this revolt in the metals market.

Retail sites for silver have been overwhelmed with demand for bars and coins, suggesting the 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 over the weekend they were unable to process orders until Asian markets opened because of unprecedented demand. Buying continued on Monday,

Read more on Bloomberg

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