That was quick. Silver has been a cult for decades. The first time some true believer tried to sell me shares in a silver mine was 2004. It was going to boom any day now! https://www.theguardian.com/business/2021/feb/01/redditors-set-their-sights-on-silver-after-gamestop-frenzy
A few of my friends got into buying silver in like 2014. It was being pushed by ZeroHedge, a cult investment site with ties to Putin, and Russia Today's Max Keiser. For years, they and thousands of others have been buying silver.
There are a LOT of people out there who've invested their life savings in silver. It's not quite the Iraqi Dinar, but it's in that general direction. They genuinely believe silver is massively undervalued by market manipulation and soon it'll be worth a fortune.
So between all those silver holders hoping for a payout, and the weird pro-Kremlin investment media world (ZeroHedge, Kaiser etc), there are a lot of people incentivised to boost silver prices.
Meanwhile, on WallStreetBets, people are claiming that this silver rush is being driven by Wall Street and the banks, despite the evidence that it's being pushed hard by ZeroHedge and friends. https://twitter.com/ariehkovler/status/1356181345572184064
Why have these guys been pushing silver for years? I'm not really sure. But at this point I assume they must also own a bunch
This too. The pro-Russian investment sites push the message that stocks are rigged and only metals (and Bitcoin, oddly enough) have real value. https://twitter.com/twlldun/status/1356184157060276226