Reddit boosts silver, bitcoin falls

Silver caught up in Reddit rebellion

Reddit, the social platform that has become front-page news, has sent silver prices to an 8-year high. The precious metals market is the latest target of the Reddit rebellion, with silver seeing prices soar following a sudden influx of interest from the retail community. The reaction is not as extreme as they’ll have become accustomed to and I wonder whether they’ll therefore move on quickly but for now, they’re pretty large moves by silver’s standards. The metal is up over 7 per cent on Monday, and briefly punched past the $30 level earlier in the day.

Gold piggybacks on silver’s gains

Gold is again not getting the full benefit but is seeing some rise by association, up around 1% on the day. This is despite the dollar making small gains and real yields edging higher. It’s not yet been enough for the yellow metal to break USD1,875 and even if it does, the trend in recent weeks has been very cautious. It may take a break of USD1,900 to take off again.

Elon losing his touch as bitcoin pares gains

Bitcoin has pulled back quite considerably from its Elon-inspired surge late last week. I was convinced that would mark the end of USD30,000 as a support under threat, at least for the foreseeable, but as ever with bitcoin, it doesn’t take long for the situation to go a full 180. It’s quite the corrective move and may once again make bitcoin bulls a little nervous, should USD30,000 come under threat once again.

It will also be interesting to see whether the space gets caught up in the Reddit storm in the coming weeks. Although given price action in cryptos, would anyone even notice?

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