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Is silver the new GameStop? The question lingered Monday as the metal rallied, suggesting it was the market’s next hot-ticket item.
The answer is both yes and no — and they both signal investors should tread cautiously.
Silver prices hit an 8-year high on Monday, jumping to $29 an ounce, after an upswell of interest starting late last week. The iShares Silver Trust ETF, an exchange-traded fund, had spiked more than 11% last week.
The metal’s boom seemed to be tied to the same Reddit-fueled speculation that drove GameStop and other stocks like AMC Entertainment to dizzying levels in recent weeks.
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