On Monday, spot silver opened and jumped 6%, then the increase expanded further and reached 29 US dollars/ounce, a new high since August 11 last year, surging 7.5% during the day; COMEX futures rose more than 8%, rising above $29 at the beginning of the session, a new high above $29, a new high since September last year.

Analyst Mark Cranfield pointed out that futures trading volume soared within 10 minutes of opening.This could mean new capital entering the contract, which will increase short-term volatility, as some of these positions have very short durations.

Spot gold also jumped to 1,866 US dollars/ounce, a daily increase of nearly 1%, but then quickly recovered its initial gains, falling more than 10 US dollars to 1855.22 US dollars/ounce.

Also, when mining stocks opened, they rioted. Australian silver stocks ARGENT MINERALS and BOAB METALS rose more than 20%.

On Sunday, several major US precious metals retail websites suspended sales of silver products, including Money Market, SD Bullion, JM Bullion, Apmex, and Walmart North America. They all said they would not be able to accept new orders until the opening of the Asian silver market (Sunday evening in North America).

The reasons given by these platforms point to:Demand is surging。 Ampex, the largest precious metals exchange in the US, issued an announcement stating that due to the unprecedented demand for physical silver products, we are unable to accept large orders until Sunday evening (that is, the Asian market).

Demand for retail bars and coins suddenly surged over the weekend.Foreign media believe that this shows that the wave of “crazy buying” triggered by Reddit has spread from last week's turbulent commodity market to physical assets.

Kim Seok reported last week that a popular Reddit post called on retail investors to “launch the biggest silver push in history.” Perhaps driven by the boom, demand for physical silver surged last weekend.

Last week, spot silver prices, futures silver prices, and the world's largest silver ETF-iShares Silver Trust all rose by more than 5%. Also, on Friday, iShares Silver Trust's holdings increased by 1070.56 tons compared to the previous day. The current holdings are 18722.33 tons.Another record for the biggest increase.

Industry insiders have confirmed how popular the retail silver market is. Robert Higgins, CEO of Argent Asset Group LLC, said his phone calls have been bombarded all day, and people are desperate to buy gold or silver:

“It's a very, very tight physical market right now. And I don't know what the solution is; unless the situation calms down, the market will explode at 6 p.m. (EST) on Sunday.”

According to Everett Millman of the Florida Gainesville Coin Company, over the past three days,The margin for the American Eagle Coin rose from the normal level of $2 to close to $5。 There was a notice on his company's website: Order processing will take longer than normal.

Millman believes this shortage of supply is likely to worsen further:

“This is bound to encourage more buyers to join retail investors on Reddit to catch up with the buying trend. It also reinforces the prejudice that holding physical silver is a relatively safe investment rather than speculating on the stock market.”

Today, there are real signs that more and more investors prefer to hold silver rather than speculate on profit from it.

This caused a strange phenomenon to appear. Peter Thomas, senior vice president of Zaner Group, said:

“Right now, we haven't seen a single purchase order. No matter what we sell, people hold it, and there's no silver coming back to market.”

Millman pointed out that what is unusual about the physical silver market this time is that “every platform is increasing its margin.” Under normal circumstances, some retailers will be able to offer lower security deposits.

In response to this, users of the Reddit forum are also very angry about the platform's suspension of silver sales. Some netizens mentioned that this move is “unprecedented.” There was no such phenomenon in March of last year when demand in the physical silver market was full and there was even a delivery crisis.