This is going to be fun to watch.
Silver surges as Reddit army turns to commodities
https://www.bbc.com/news/business-55882758Silver prices leapt to a five-month high on Monday on social media calls to buy the metal and emulate the frenzy that drove up GameStop shares.
Shares in a handful of smaller Australian mining firms surged as small-time traders bought en masse.
Argent Minerals, Boab Metals and Investigator Resources leapt more than 15%.
Coin-selling websites also reported unprecedented demand and flagged delays in delivering silver.
Silver rose as much as 7% to $28.99 an ounce, its highest value since mid-August.
The moves are the latest example of small-time traders buying stocks and other assets that large Wall Street funds bet against, resulting in large losses for major investors.
Some users in the Reddit forum Wallstreetbets argued that silver is a heavily manipulated market, and a surge in the silver price could hurt large Wall Street players.
"Think about the Gainz. If you don't care about the gains, think about the banks like JP MORGAN you'd be destroying along the way," said Reddit user RocketBoomGo, in a widely circulated post.
The recent GameStop surge, which was also fuelled by retail investors, was also seen as a revolt against large institutional investors.
Unlike GameStop, which was a loss-making gaming retailer that many investment funds had bet against, Silver has seen strong growth over the past year.