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Silver is leading the metal rally, thanks to rising demand
image 1 February، 2021
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Silver prices recorded increases of more than 8% during the opening session of the week on the first day of February (February) to trade at their highest levels in five months, the highest levels of $ 29 an ounce coinciding with the opening of the European markets the highest level since the tenth of August of last year due to the increase in demand from Small investors in the industrial metal. These silver gains, which exceed 15% since last Wednesday, came after a group of investors in Wall Street Bets through the famous Reddit platform began to raise demand levels in a repeat of the experience of Gamestop shares, which recorded gains of more than 1700 percent since the beginning of January and caused billions in losses For the major investment portfolios that wagered on losing the stock by short selling large quantities of the shares of the company specializing in video games and listed in the US market. The increase in the number of members of the Wall Street Bets Group, which exceeded the 5.5 million individual traders, and collectively work to target some companies or sectors, pushing the levels of demand for silver to their highest levels after the group called on individual investors to buy silver mining shares and traded index funds for it, as indicated Some reports indicate that investment funds have witnessed the largest increase in demand for silver, similar to the I-Share Silver Trust for Traded Indexes, which showed a rise of up to 37 million shares in one day by an ounce of silver per share, which contributes to the rise in the price of the industrial metal. . Silver is trading at $ 29.19 an ounce, with the European market opening, up by 8.11 percent. On the other hand, gold rose by about 0.81 percent by trading at levels of $ 1.861 an ounce after closing last week with a slight loss at the close at levels of $ 1846 an ounce affected by the US dollar’s gains at the end of the week. Platinum, in turn, is trading at $ 1.112, up about 3.71 per cent, while palladium is trading at $ 2.257 per cent, trading at $ 2.257.

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