Silver price hits eight-year high; Robinhood raises another $2.4bn – as it happened

Rolling coverage of the latest economic and financial news

• Latest: Robinhood has now raised $3.4bn in last week
• Funds will help trading app meet clearinghouse demands
• GameStop falls, but rebounds from lows
• Silver hits $30 for first time since 2013
• Introduction: Silver price soars as retail frenzy continues
• WallStreetBets post argues silver squeeze is hedge fund plot

7.58pm GMT

Right, time to recap:

As S3 short insight data shows, GameStop shares shorted significantly declined as short sellers began liquidating their holdings. Over the last few days, GameStop short interest has decreased from $11.20 billion to $8.82 billion. Short sellers bought to cover and trimmed positions as they incurred large mark-to-market losses. GME shares shorted are now 27.13 million.

GME price volatility has been remarkably high, and the stock has gained +400% over the last week. Long shareholders have been able to support GME's stock price and rally it to historically high levels.

$GME short interest is $8.82BN; 27.12M shs shorted; 53.15% SI % Float; 34.1% S3 SI % Float; 26% borrow fee and easing to 10%. Shs shorted have decreased by -35.2M over the last week. Shorts are down -$13.38BN in 2021, which includes up +$1.93BN on today's -22% move. @CNBC #s3data pic.twitter.com/aPiczeDgqK

Related: Silver price reaches eight-year high as small investors snap it up

Related: UK households repaid 16bn on credit cards and loans in 2020

Related: Asos buys Topshop and Miss Selfridge brands for 330m

Related: Hargreaves Lansdown reports rise in half-year profits amid influx of new investors

Related: Ryanair warns it could lose nearly 1bn amid Covid-19 lockdown

Related: The New European bought by consortium including ex-BBC boss

Related: Former chancellor George Osborne to become full-time banker

7.28pm GMT

Hang on... Robinhood have just raised the limit on buying GameStop shares again.

It will now let users hold up to 20 shares in the company, up from 4 earlier this afternoon, (and just one at the start of the day) [full details here].

Robinhood raises trading limit on GameStop further to 20 shares https://t.co/vfEAjBLZMd