#silversqueeze Fails

The weekend frenzy from Reddit’s squeeze on the silver price seems to have failed as retail purchases of available bullion silver runs dry and the Chicago Mercantile Exchange raise the margin requirements needed to trade a single contract of COMEX silver.

Following the successful run on Gamestop trading, the social media call to buy silver pushed the silver price to an eight-year US$ high of $29.59/oz on Monday (the GBP fix of £21.58/oz was close to last August’s £21.70/oz). The market fell sharply on Monday afternoon and through Tuesday, to finish the day marginally higher than the metal price at the start of the squeeze.