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ASX recovers from early tumble as Reddit WallStreetBets traders drive silver surge – ABC News
The price of silver hits a five-month high as it becomes the latest target of the social media buying frenzy. The local share market rallies after early falls.
Silver prices have surged as Reddit traders take a shine to the precious metal, while the local share market has pushed higher, reversing an early tumble.
Key points:
- Spot silver was up by more than 6 per cent in early trade
- The Reddit forum that spurred retail investors to pile into GameStop shares has set its sights on silver
- The number of job ads rose for the eighth-straight month in January
By 3:00pm AEDT the ASX 200 had gained 0.7 per cent to 6,668 after earlier dropping more than 1 per cent.
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