Silver today broke $30 an ounce for the first time since 2013. Speculations are that after GameStop’s massive growth during last week, today’s most focused instrument is silver. 

"I would look at the silver rally the same way as I would the GameStop saga - from the point of view of market stability, for now, it's not an immediate concern, but if we see sharp moves we could see some deleveraging in markets," told ING strategist Antoine Bouvet.

It is necessary to understand that commodities are not stocks. Current global short positions on silver are approximately 900 million ounces (global production). The biggest holders of silver are banks and brokers withholding 610 million ounces. It is impossible to analyse whether they are short on the silver or whether their bets compensate huge physical positions.

There has been a significant increase in the Reddit network and on YouTube, in which the authors suggest that the resulting increase in the price of silver may again cause significant losses to funds speculating on a decline in the price of the metal.

Performance of XAG/USD (Tradingview.com)