Fresnillo shares jump on the back of surge in silver futures
By Alexander Bueso
Date: Monday 01 Feb 2021
(Sharecast News) - Silver futures surged at the start of the week as retail investors shifted their sights from small-cap stocks towards to precious metal, boosting stock in Fresnillo.
A wave of buying at the weekend across online silver selling venues around the world saw futures jump by 13%.
By 1453 GMT they were holding onto the bulk of those gains with march silver futures on COMEX standing 11.97% higher at $30.14/oz..
One post on Reddit's WallStreetBets forum posted during the previous week had descried it as "the biggest short in the world".
Yet as some market commentary pointed out, there had in fact been a net long position in the metal since mid-2019.
Commodities in general were also generally far deeper than those for shares in the likes of GameStop.
Be that as it may, stock in the Mexico-focused silver miner, Fresnillo, was boosted by the surge in silver futures and was last up 17.76% at 1,163.0p.
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