Silver climbed after posting the biggest loss since August, with markets calming following the buying frenzy that sent prices to an eight-year high earlier this week.
Futures for March delivery rose 2% to $26.93/oz on the Comex at 7:50 a.m. in Singapore. Prices tumbled 10% on Tuesday after CME Group raised margin requirements following the surge to above $30 on Monday. Spot silver added 0.8%, while gold, platinum and palladium were little changed.
The silver market has been in the spotlight after posts on the WallStreetBets forum calling for a “short squeeze", although sentiment has now turned with users speculating supporting posts may be part of a pump-and-dump scheme -- or that hedge funds infiltrated the board. Silver is steadying after Tuesday’s drop, which was also partly fueled by plunging shares of GameStop and AMC Entertainment Holdings, two popular trades with the Reddit crowd.