Australia's silver stocks retreat as euphoric GameStop-like retail rally cools

Investigator Silver

01/02/2021 23:54

** Australian silver stocks Argent Minerals  ARD.AX , Azure
Minerals  AZS.AX , Boab Metals  BML.AX  and Investigator
Resources  IVR.AX  slide a day after their frenzied rally 
    ** Silver prices  XAG=  gave back some gains after a social
media-driven buying spree lifted the commodity to an eight-year
high on Monday as doubts emerged about sustainance of the rally
 GOL/ 
    ** Traders and analysts see less chance of a prolonged rally
in silver, as unlike the GameStop  GME.N  stock, there is no
excessive short positioning on the precious metal  urn:newsml:reuters.com:*:nL1N2K60M1
    ** Video game retailer GameStop, at the center of last
week's "Reddit rally," closed ~31% lower on Monday    
    ** IVR and ARD lead declines, down 18% and 15.4%,
respectively, in heavy volume trading 
    ** BML slumps 12% and AZS dips 4.7%
    ** UK-based Adriatic Metals  ADT.AX  falls 8% to see worst
day in 10-weeks 
    ** Australian ETF Securities' Physical Silver fund
 ETPMAG.AX  was flat in early morning trade
    

 (Reporting by Anushka Trivedi in Bengaluru)
 ((Anushka.Trivedi@thomsonreuters.com; +918061823241;))