Silver miners soar as Reddit traders pile into the precious metal

Shares of silver miners climbed on Monday as the spot silver price jumped 11% to an eight-year high before paring gains.

Silver has seen a sharp rise in prices as Reddit traders on the WallStreetBets forum pile into the precious metal.

After being restricted from trading certain popular stocks by brokerages, some members of the forum have turned to silver as their next potential short-squeeze. The sudden interest in the metal caused prices to skyrocket, and as silver goes, so do its miners.