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Axios
Axios
Business

The Reddit silver rally has not yet materialized

Data: FactSet; Chart: Axios Visuals

A Reddit post from "noted commodities expert" RocketBoomGo has markets abuzz about a big move coming in silver prices.

What he's saying: "Think about the Gainz. If you don't care about the gains, think about the banks like JP MORGAN you'd be destroying along the way," he wrote on Reddit last week.

  • Quick note: RocketBoomGo is not a noted commodities expert.

By the numbers: FactSet data show silver futures rose by nearly 7% and London bullion market prices for the commodity rose by almost 9% on Friday, pushing the precious metal to a recent high.

Yes, but: Neither market shows silver prices breaking out of their recent price range. The bump in silver prices as well as in ETFs has yet to equal the runup in prices seen during June and July before RocketBoomGo weighed in on the potential for Gainz.

  • Silver futures prices fell by 9.6% on Jan. 8.
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