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Silver dealers scramble to find supplies for retail buyers
By Arpan Varghese
Reuters
Tuesday, February 2, 2021
A retail investment frenzy in silver over the past couple of days driven by social media has left dealers in some regions scrambling for bars and coins to meet demand.
Silver prices fell today as a buying spree by smaller investors seen mainly in silver mining shares and exchange-traded funds fizzled out following a margin hike on futures contracts by the Chicago Mercantile Exchange.
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The buying, inspired by a recent rush by retail investors into heavily shorted stocks like U.S. videogame retailer GameStop, took prices to a near eight-year peak.
Retail investors cannot directly access the wholesale silver market, so instead they have bought into bars and coins.
The UK's Royal Mint said today it saw 14 times the usual demand over the weekend for its silver products, including bars and coins. ...
... For the remainder of the report:
https://www.reuters.com/article/us-global-precious-silver/silver-dealers...
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