The price of silver is going up and down like a yo-yo. On Sunday and into the first part of Monday, the price skyrocketed on news that Reddit was touting the metal. But as the data clearly showed, the price was not driven up by retail buying of physical metal.
Silver, March futures from Jan 27, 30 minute chart: a lot of volatility, but silver seems to have established a higher low after coming down from the initial spike. [PT]
To be sure, there was retail buying. But even if they depleted the finite inventories of Eagles and Maples, they were not the buyers that pushed the price up to $30. That would be the futures speculators.
Speculators use the futures market because it offers great leverage. But leverage gives them