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[SYDNEY] Australian stocks closed higher on Monday, aided by gains in precious metals stocks. Silver prices reached a nearly six-month high as private investors pushed their way into the commodity with what appeared to be social media-hyped purchases.
The S&P / ASX 200 index closed 0.8 percent at 6,663, a decline of Up 1.4 percent at the start of the session and had a three-day losing streak.
Silver, traditionally considered a safe haven, rose 7 percent after social media investors flooded the market to get the frenzy back which caused GameStop shares to soar last week.
« Silver is a very severely deprived commodity, so if the Reddit crowd turns their attention to it, you’ll find silver miners continue to do very strong recovering what other commodities and metals will bring with them, « said Brad Smoling, General Manager at Smoling Stockbroking.
» I wouldn’t be surprised if silver is way over by mid-year Would be $ 100, « he added.
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Gold stocks also rose, with Alkane Resources and West African Resources gaining 3.8 percent and 5.5 percent, respectively.
Domestically, Australian job advertisements rose to their highest level since April 2019, which is indicates that solid employment growth will continue this year and will support the positive mood.
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