PRECIOUS-Silver climbs to near 6-month peak on retail mania - Reuters

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    * Physical silver demand more than doubled since Thurs -
dealer
    * Gold-silver ratio falls to lowest since 2014

 (Adds comment, updates prices)
    By Sumita Layek
    Feb 1 (Reuters) - Silver rallied for the third straight
session on Monday, soaring as much as 7.4% to a near six-month
peak, after social media posts since last week called for retail
investors to flood into the market and pump up the precious
metal's prices.
    Spot silver        hit its highest since Aug. 11 at $28.98
an ounce earlier in the session, and was up 5.7% to $28.53 by
0242 GMT.
    Silver, both a safe-haven asset and an industrial metal, has
risen nearly 15% since Thursday, when posts began circulating on
Reddit urging individual investors to buy silver mining stocks
and exchange-traded funds (ETF) backed by physical silver bars,
in a GameStop-style short-squeeze.             
    "This is Asia's response" to all the retail mania, Brian
Lan, managing director at GoldSilver Central said, adding, a lot
of investors want to take advantage of the situation and make
some profits.
    Demand for physical silver has more than doubled since
Thursday as investors who were on the sidelines bought the metal
on worries that prices will shoot up, Lan said.
    In a spill over from U.S. markets, silver ETF listed on
Tokyo stock exchange jumped more than 10%, while shares of
Australian silver explorers jumped between 20% and
40%.                        
    Data from iShares Silver Trust ETF       on Friday showed
over 37 million shares were created in one day, each one
representing an ounce of silver.
    Buying an ETF can boost silver prices by increasing the
number of shares in the fund and making its operator buy more
metal to back them.
    Following silver's gains, spot gold        rose 0.7% to
$1,858.02 per ounce. U.S. gold futures        gained 0.6% to
$1,861.10.
    The gold/silver ratio, which measures the number of silver
ounces needed to buy an ounce of gold, fell to its lowest since
2014.
    Platinum        rose 2.1% at $1,095.41 and palladium       
gained 0.5% to $2,238.01.

 (Reporting by Sumita Layek in Bengaluru; Editing by Rashmi
Aich)
  

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