Silver’s Selloff Accelerates With Reddit Frenzy Unraveling
- Goldman says market turmoil shows the power of populism
- Futures drop as much as 10%, eroding recent gains in the metal
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The buying frenzy that sent silver to an eight-year high has stalled out.
Silver futures in New York fell as much as 10% as traders closed out positions after CME Group hiked margin requirements. Meanwhile, Reddit posters turned their attention to GameStop Corp. losses amid a growing backlash against the silver trade. BlackRock Inc.’s iShares Silver Trust, the short-squeeze target of retail traders on Reddit last week, slumped more than 8%.