24 days ago • Posted by Martin Boujol
Hedge funds bet that the Canadian silver stocks rally won't last
Hedge funds have raised their bets against Canadian silver mining stocks, while their prices sharply increased due to the massive buys of retail investors. However, they do not believe that they will be able to replicate what happened with the GameStop stock: “The Reddit-fueled trader is learning that the silver market is much bigger than some of the small cap stocks they have been trading,” said Edward Moya, senior market analyst at OANDA. Since Thursday, Toronto-listed First Majestic Silver Corp and Pan American Silver Corp soared 60.5% and 30.7%, respectively. Wheaton Precious Metals, Fortuna Silver Mines and Silvercorp Metals Inc all had double-digit gains over the same time period.