Silver rallies past $30/oz on GameStop effect

The price of silver rallied to a six-month high with market analysts across the world saying it was being driven by an army of retail traders inspired by events that drove GameStop shares to unprecedented levels in January, which had stormed into the precious metal to deliberately drive its price higher.

Silver futures rallied as much as 12.8% to $30.35 an ounce, the highest level since August 7 2020, before settling 11.4% higher at $29.98 at 4.40pm local time. This followed a 5.3% rally last week when, amid the GameStop mania, it emerged on online message boards that the army of Reddit-based retail traders had set their sights on the silver market…