Global shares bounced and silver markets surged on Monday as retail investors expanded their socialmedia fuelled battle against Wall Street to drive the precious metal to a fivemonth high.
Stock markets had been roiled last week after spike in retail demand to buy the stocks most bet against by hedge funds driving huge gains in companies such as GameStop Corp and prompting fresh concern that COVID19 monetary and fiscal support measures were fuelling a market bubble.
With chatrooms abuzz with talk that silver was the new target, silverexposed stocks, funds and coins jumped in Asian trade, pushing spot silver up more than 7.
European stocks continued the trend in early deals, with Londonlisted miners up strongly, including Fresnillo, up 18 and leading gainers across the region.
After falling 3.6 last week its biggest weekly fall in three months the MSCI AllCountry World Index was up 0.5 in early deals, tracking overnight gains in Asia.
MSCIs broadest index of AsiaPacific shares outside Japan climbed 1.4 while Japans Nikkei added 1.2 and Chinese blue chips rose 0.5 after the countrys central bank injected more cash into money markets.
Futures for the SP 500 and NASDAQ, meanwhile, both pointed to a stronger open on Wall Street, up around 0.8.
While the retail battle versus Wall Street, coordinated over online forums such as Reddit, created some systemic risks, the bigger danger was in the tech sector, where some stocks had eye watering valuations, Deutsche Bank…