Silver prices leapt to a five-month high on Monday on social media calls to buy the metal and emulate the frenzy that drove up GameStop shares.
Coin-selling websites also reported unprecedented demand and flagged delays in delivering silver.
Silver rose as much as 7% to $28.99 an ounce, its highest value since mid-August.
The moves are the latest example of small-time traders buying stocks and other assets that large Wall Street funds bet against, resulting in large losses for major investors.
Some users in the Reddit forum Wallstreetbets argued that silver is a heavily manipulated market, and a surge in the silver price could hurt large Wall Street players.
“Think about the Gainz. If you don’t care about the gains, think about the banks like JP MORGAN you’d be destroying along the way,” said Reddit user RocketBoomGo, in a widely circulated post.
Some members of the forum have argued against the move, suggesting it would benefit the same funds that stood to benefit from betting against GameStop.