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Spot silver surpassed $30 an ounce to hit the highest level in more than a decade in a rally that has become more forceful and fast than gold’s gains amid robust financial and industrial demand.
“This week was kind of the recreation of the meme stock,” Phil Streible, chief market strategist at Blue Line Futures, said Friday in a phone interview. Those speculators naturally look for different areas to exploit. And silver is usually the one that they favor.” Investors remain net sellers of physically-backed silver ETFs so far this year, with holdings down 1.7% as of Thursday, according to data compiled by Bloomberg. Money managers remained net bullish on Comex silver futures, with gross shorts held by them accounting for 12.5% of total open interest as of May 7, according to CFTC data.
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