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Silver jumps to 8-year high

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Yahoo Finance's Jared Blikre joined Yahoo Finance Live to discuss silver and why the commodity is pushing higher.

Video Transcript

SEANA SMITH: Jared, one of the big movers that we've been talking about today is silver. Silver is by far, though, not the only commodity, that we're seeing posting gains. I'm curious just what you make of this action. And what does this tell you just in terms of what we could see play out over the next several weeks?

JARED BLIKRE: Yeah, let's go to our commodities heat map on the YFi interactive. And there is a lot of green here. Guess what? Silver is up 8% right now, still trading electronically, up 15% over the last five days. And you can see it really started to break out late last week. And we did cover this a bit on some of the shows. But natural gas is up nearly 10%.

Of course, this is a winter phenomenon. But you look at platinum, heating oil, crude oil up over 2.5% today. And put it together on a day when the US dollar was broadly stronger, I think that's impressive. And I've read a number of analysts making the case that long term, we could be in another secular bull market for commodities.

And that's because the Goldman Sachs GSCI index, that has basically been consolidating for a number of years and is just now breaking out. And put it all together, yeah, the GameStop, Reddit WallStreetBets phenomenon definitely juicing some trades here. But the silver thing I think is a little bit outside maybe some of those stocks, and we can take a look at a couple of them.

The smaller miners benefited from some WallStreetBets love today. But other than that, I wouldn't discount this rally that we're seeing in commodities now. And I think we're going to see more as the year develops. And it's really bullish on the reflation trade overall. And just to close out here, healthier choices management, now, this isn't an energy ETF, but this is up 118% today.

And then here's the silver play. Looking at Avino Silver & Gold Mines, up 60% over the last five days. And last week, they announced that they are able-- that they're going to do another stock offering of a few million shares. And they're going to be able to do this at vastly higher prices now. So if this is, in fact, WallStreetBets really helping out this particular issuer.

SEANA SMITH: All right, Jared Blikre, thanks so much. And we also want to thank Joseph Minarik, the Conference Board's chief policy economist, and Chris Brightman of Research Affiliates. Thank you to you both for joining as well.