Silver has rallied in recent trading sessions after users on Reddit’s WallStreetBets forum posted about executing a “short squeeze” similar to ones credited with fueling recent gains in other stocks popular on the internet. Outsize attention from day traders has powered significant gains in stocks such as GameStop Corp.  GME, +67.87%  , captivating Wall Street as individual investors take on hedge funds that are betting on prices to fall.

Attention from day traders is the latest driver for silver prices, which have traded in a range since notching a record performance in 2020, finishing the year up 47%. Silver benefited from a booming rally in precious metals that sent prices on everything from gold to palladium to record highs. Investors tend to buy precious metals such as silver when they are nervous about holding riskier assets such as stocks or corporate bonds.

An expanded version of this report appears on WSJ.com.

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