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Global Markets: Switching from GameStop to silver

Trading pushes silver to seven year highs

By MarketsFarm

WINNIPEG, Feb. 1 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Hot on the heels of the sharp spike in GameStop shares rebel traders have allegedly turned their attention to silver. The price of silver broke above US$30 per ounce on Monday, its highest level since 2013. Social media posts claimed that increasing the price of silver could hurt large investors with bearish bets. However there are some such as wallstreetbets that are denying any involvement in the shift to silver.

– Protesting farmers in India are upset with the government of Prime Minister Narendra Modi following the release of the latest federal budget. Protest leaders said the budget fails to address farmers’ concerns regarding the government’s plans to open up India’s agriculture sector. Tens of thousands of farmers have been demonstrating against Modi’s plans to dismantle the system of quotas. They fear that large farm operations will dominate the agriculture sector. Despite India’s reliance on small farms the country remains one of the world’s largest agricultural producers.

– The military in Myanmar overthrew the civilian government on Monday. Aung San Suu Kyi, who has been Myanmar’s de facto leader for the past five years, called on population to not accept the military’s takeover. Tensions between civilian government and the military turned tense after the latter claimed the country’s election in November was fraudulent.

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