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DJ Silver Prices Rise to End Turbulent Week

· 02/05/2021 05:45

By Joe Wallace

Silver prices rose, putting the precious metal on course to end a turbulent week with a modest loss.

Futures for the metal in New York gained almost 2%, climbing to $26.73 a troy ounce. They're on track to slip 0.6% for the week as a whole.

Silver futures posted their biggest one-day advance in over a decade on Monday after some Reddit users proposed a "short squeeze" in the precious metal, saying a coordinated attempt could fuel GameStop-like gains. The next day, prices slid to their largest daily loss since last August.

Investors continued to back away from silver exchange-traded funds, among the easiest ways to bet on the price of the metal, on Thursday. A net $270 million left BlackRock Inc.'s iShares Silver Trust, which trades as SLV and experienced an influx of money earlier in the week.

That's the biggest outflow from the ETF since silver prices crashed in May 2011, according to FactSet.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

February 05, 2021 05:45 ET (10:45 GMT)

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