Vaccine, GOP problems driving silver prices higher.
Despite reports to the contrary, the recent surge in the price of silver has little to do with the Reddit group that sparked a monster-size rally in the price of beleaguered retailer GameStop GME. Instead, the rally in the price of the white metal is being driven largely by inner turmoil in the Republican Party and worries that the COVID-19 vaccine plan is failing, according to commodities consulting firm CPM Group. “What we saw has a lot more to do with the political situation and the pandemic than it does with the shenanigans of the Reddit group,” says Jeff Christian, managing partner of CPM Group in a recent video. You can watch the video here. “The Reddit guys aren’t nearly as important as a lot of people think,” Christian says. The price of the iShares Silver Trust (SLV) SLV, which holds bars of solid bullion, hit its highest price since March 2013 in premarket trading Monday.
