By Silver has been in an unusually strong uptrend in recent weeks – rallying more than 60% since the start of this year, effectively compressing a multi-year move into less than 30 days.
Speaking this morning with CNBC, Tom Sosnoff – the cofounder of LossDog – agreed this massive rally in silver is unlike anything he’s seen in decades.
In fact, silver has become the “meme commodity” of 2026, he added, citing at least three different dynamics that make it resemble the meme stock frenzy.
The speed and scale of the rally
On “Worldwide Exchange”, Sosnoff fixated on the breakneck speed at which silver has soared in January. “We’re basically seeing a multi-year move in less than 30 days,” he noted.
This mirrors the meme stock charts, such as that of GameStop at the peak of the COVID pandemic, that went vertical as momentum itself became the driver.
Traders are seeing contracts swing at levels unseen since the late 1970s – creating a feedback loop where rapid gains attract more speculative buying, he noted.
The sheer velocity of the move is what makes silver more akin to a “viral trade” than a traditional commodity.
Social buzz and herd mentality
Tom Sosnoff called silver the meme commodity of 2026, also because its unprecedented rally isn’t rooted in fundamentals but in the collective excitement of traders.
“You can make up as many fundamental or technical reasons as you want – but it’s a meme stock trade,” he asserted, acknowledging the role of social buzz in fuelling the surge.
Online chatter and trading communities have amplified silver’s appeal in recent weeks, turning it into a cultural phenomenon, where fear of missing out drives participation.
This herd mentality resemble meme stock craze that often sees momentum outweigh balance sheets.
Short squeeze dynamics
According to Tom Sosnoff, the silver trade has “taken a lot of hostages on the way up because the Street is short.” As prices push higher, short sellers are forced to cover, adding fuel to the fire.
This further echoes the infamous short squeeze in the likes of GME and AMC back in 2021, where institutional bets collided with retail enthusiasm.
The squeeze dynamic makes silver feel even less like a balanced market and more like a “runaway train”, reinforcing its meme commodity label, the market expert concluded.
Caution is warranted in playing silver
Despite recent excitement and exceptional returns, Sosnoff urged caution in chasing silver’s rally.
“If you’ve never traded silver before in the futures market or in the ETF market, just be careful,” he warned, adding that silver contracts are large and volatile – capable of inflicting serious damage on inexperienced players.
After all, in a market behaving like a meme stock, respect for risk may be the only rational strategy.
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