In the world market, silver prices had jumped a lot in the last week. Behind this, the hand of the campaign to buy silver on the wall of Reddit is being told.
During the last one week, there was a sudden rise in the retail price of silver in the world market. Due to this, there was a sudden increase in the interest of investors in the domestic market. Last Monday, the price of Silver Future increased by more than 13 percent.
This was the highest level in eight years. It was claimed that Reddit users have a hand in this rally too. In fact, last week, Reddit was posted on Wallstreet Group to buy silver and after that its price had increased by six percent.
Did this campaign to teach banks a lesson
It is being told that this objective was to teach a lesson to those banks, which have deliberately reduced the silver price. However, it has not been clear whether this campaign was behind the huge purchase of silver.
It is being said that due to airing this campaign of buying silver, the retail purchase of silver increased so much that the jewelers had a shortage of silver coins. However, it is being monitored by the Futures Trading Commission so that silver prices do not rise so much.
Tracking silver prices
Last year, the price of silver had increased significantly. It was considered to be a larger asset class than gold. After the Corona transition, the price of silver also increased due to the boom in industrial activity.
But this was the first time that a campaign was organized to raise silver prices in a planned manner. However, efforts are being made to monitor any such campaign in India. In the gold and silver market, the price-rise occurs at a very fast pace. Therefore, more vigilance is required to protect the investors.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.