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Feb. 1, 2021, 10:31 a.m. EST

Silver ETF surges nearly 10% and aims for best day since 2008 as dealers point to a Reddit-backed short squeeze

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By Mark DeCambre

A popular exchange-traded fund that offers exposure to silver was on pace for its best day in 12 years and its highest close since 2013. The iShares Silver Trust /zigman2/quotes/205744453/composite SLV -0.89% was up 9.8%, at last check, putting the trust that was created in 2006 on track for its best day since September of 2008, Dow Jones Market Data show. The moves in the ETF match the underlying surge in silver futures /zigman2/quotes/210315219/delayed SI00 -0.12% , with that gain being attributed to retail investors gathering on social-media platforms like Reddit to push up prices of the the precious metal in the same way that was seen in shares of GameStop Corp. /zigman2/quotes/203755179/composite GME -6.99% and AMC Entertainment Holdings /zigman2/quotes/200235402/composite AMC -3.78% . The investment thesis espoused by the WallStreetBets crowd is that silver is undervalued because it is used extensively in high-tech applications like solar panels, which are positioned for long-term growth. If the SLV closes around its current level it will mark its highest finish since March 28, 2013.

/zigman2/quotes/205744453/composite
US : U.S.: NYSE Arca
$ 23.41
-0.21 -0.89%
Volume: 15.69M
April 9, 2021 4:00p
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/zigman2/quotes/210315219/delayed
US : U.S.: Nymex
$ 25.30
-0.03 -0.12%
Volume: 1,280
April 11, 2021 8:41p
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/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 158.36
-11.90 -6.99%
Volume: 9.46M
April 9, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$11.09 billion
Rev. per Employee
$424,150
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/zigman2/quotes/200235402/composite
US : U.S.: NYSE
$ 9.42
-0.37 -3.78%
Volume: 29.25M
April 9, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$4.24 billion
Rev. per Employee
$43,642
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