SilverSqueeze trends on Twitter as retail sites see high demand for the metal

Omkar Godbole FXStreet Contributor

The Twitter feed #SilverSqueeze has been trending on Twitter since Sunday with retail websites such as Money Metals, SD Bullion, JM Bullion and Apmex citing unprecedented demand for silver bars and coins in as sign of recent Reddit-driven short squeeze spilling over to the physical market.

Notably, Apmex, Apmex, the Walmart of precious metals products in North America, stopped processing orders on Sunday because of overwhelming demand for the semi-precious metal. "Due to unprecedented demand on physical silver products, we are unable to accept any additional orders until markets open Sunday evening,” Apmex tweeted 18 hours ago.

Silver is currently trading at $28.39, representing a nearly 6% gain on the day. The metal picked up a bid on Thursday after a Reddit poatwe called a short squeeze. Prices rose 5% and 1% on Thursday and Friday, respectively.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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