GameStop slides, silver spree stalls as retail traders run out of road

GameStop shares sank on Tuesday and a silver buying spree led by small investors subsided as a Reddit-driven trading frenzy that has shocked global financial markets over the past week started to show signs of fizzling out.

The videogame chain’s shares, which have see-sawed in a dramatic week that has seen billions of dollars gained and lost by financial firms, were down 42 per cent at $130 in pre-market trading after scaling a high of $483 last week.

Spot silver prices, an alternative focus in the battle between a pack of small traders and Wall Street hedge funds since late last week, fell more than 5 per cent after hitting an eight-year high a day earlier.