Traditional safe havens such as Gold and Silver have been on a bearish trend since August last year, as markets turned into cryptocurrencies to find safety in these times of trouble. But, we saw a strong bullish reversal in Silver on Thursday last week, which continued on Friday. The price opened with a 150 pip gap higher last night, while the bullish momentum ic continuing today.

SILVER has gained around 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.

Buying an ETF can boost silver prices by increasing the number of shares in the fund and making its operator buy more metal to back them. Silver was finding support at the 50 SMA (yellow) last week on the daily chart, but bounced after the Reddit comments and it pierced above the big round level at $ 30. So, Silver is the new GameStop now and we will try to buy the pullbacks lower.