Silver surges to near 6-month peak on retail frenzy

Silver soared as much as 7.4% to climb a nearly six-month peak on Monday, after social media posts last week called for retail investors to flood into the market and push up prices of the precious metal.

Spot silver hit its highest since Aug. 11 at $28.98 an ounce, and was up 5.4% to 28.45 by 0049 GMT.

Silver has risen nearly 15% since Thursday, when posts began circulating on Reddit urging retail investors to buy silver mining stocks and iShares Silver Trust, an exchange traded fund (ETF) backed by physical silver bars, in a GameStop-style squeeze.