Reddit Forum Said to Cause Silver Surge

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PinkDiamond
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Reddit Forum Said to Cause Silver Surge

Post by PinkDiamond »

The small guys making such an impact on the market came as a big surprise to those who planned to profit from the demise of GameStop, and now they're working on the silver market so we'll see if they can make an impact on it as well. This says it's not as easily manipulated as GameStop, so we'll have to wait and see what happens. ;)

Reddit Forum Said to Cause Silver Surge
February 1, 2021 by Rob Bates

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"Posts on WallStreetBets—the now-famous Reddit forum that has driven an astronomical increase in the shares of retailer GameStop—are reportedly behind the recent gain in the price of silver.

At the time of publication, the metal’s spot price was trading at $28.97, up 7.1% for the day. Earlier on Monday, its price hit $30, a 12% jump, and its highest level in eight years.

Last week, a few forum posters promoted a “silver squeeze,” aimed at taking advantage of short interest in the metal. Like all investments spotlighted recently on WallStreetBets, the idea has attracted tons of attention, leading #silversqueeze to trend on Twitter.

“Silver bullion market is one of the most manipulated on earth,” one Reddit poster wrote. “Any short squeeze in silver paper shorts would be EPIC.”

As with GameStop’s eye-popping run, there’s debate over who is driving this sudden speculative fervor, with some suggesting that hedge funds—WallStreetBets members’ primary villains—are behind the recent silver push, given how many funds trade the metal.

“[The promotion of silver] is an artificial hedge-fund driven attempt to reduce the [GameStop] momentum and we should all be cognizant of the media manipulation…happening everywhere including right here,” wrote one Redditor.

Outsiders warned that bidding up silver might not be as easy as doing it to GameStop.

“[The silver market] is... "

https://www.jckonline.com/editorial-art ... ver-surge/
PinkDiamond
ISG Registered Gemologist


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