The silver price soared sharply since last Wednesday and extended the rally into Monday trading with double-digit percentage gains. The futures of precious metal soared to the highest level in seven-years in early Monday trading, breaching Goldman Sachs’ price target of $30/oz. The firm has recently suggested investors dump the greenback and buy the precious metal. Citi Group has provided a target price of $40/oz.

Silver coin and bullion platforms have been reporting unprecedented growth in demand, making it difficult for them to process orders. U.S. bullion broker Apmex stated that they expect a 1-3 day processing delay for silver transactions, while SD Bullion and Money Metals warned of extraordinary demand. Reddit day traders have been speculating through videos and social media posts that rising silver prices could hurt big investors and hedge funds who are short on silver. The social media market movers have the potential to turn things around quickly, and this is evident from the GameStop stock’s price rally and other high short squeezed stocks last week. However, he said that Reddit users are not accurately targeted big banks because their physical holdings are hedged.