Silver Price Surges as Reddit Group WallStreetBets Fuels Buying Spree
2021-02-01 00:13:00
Daniel Moss,
Analyst
Silver, XAG/USD, Reddit, r/WallStreetBets, Physical Demand – Talking Points:
Silver surged over 7% on the back of a Reddit-inspired buying spree.
Overwhelming physical demand, in tandem with falling real rates and rising inflation expectations, may continue to bolster prices in the near term.
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WallStreetBets Fuels Buying Spree
The price of silver surged over 7% to kick off a fresh week of trade, on the back of a Reddit-inspired buying spree. Comments on silver began appearing on the Reddit forum r/wallstreetbets early last week, calling for a silver short-squeeze of epic proportions.
Trending Articles:
Is âThe Reddit Armyâ On The Verge Of Creating The Most Epic Silver Short Squeeze In U.S. History?
Published: February 1, 2021
In all of the years that I have written about precious metals, I have never seen anything like this. The corporate media is breathlessly reporting that “the Reddit Army” plans to do to silver what it did to GameStop, and this has caused a frenzy of buying and a severe shortage of physical silver at dealers all across the United States. If things are this crazy already, what is going to happen when the short squeeze actually begins? For now, “the Reddit Army” is still primarily focused on GameStop and other stocks that major hedge funds have been relentlessly short selling, and in recent days members of that army have actually been purchasing billboard ads to celebrate their success…
In all of the years that I have written about precious metals, I have never seen anything like this. The corporate media is breathlessly reporting that “the Reddit Army” plans to do to silver what it did to GameStop, and this has caused a frenzy of buying and a severe shortage of physical silver at dealers all across the United States. If things are this crazy already, what is going to happen when the short squeeze actually begins? For now, “the Reddit Army” is still primarily focused on GameStop and other stocks that major hedge funds have been relentlessly short selling, and in recent days members of that army have actually been purchasing billboard ads to celebrate their success…
UPDATE: Reddit Users Going After Silver for ‘Biggest Short Squeeze in the World’
Earlier Update: Top bullion dealers are encountering shortages.
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A number of Reddit users on the popular r/WallStreetBets forum have said they are planning to launch a coordinated effort to target silver as their next short-squeeze target.
Posts encouraged individuals to use the IShares Silver Trust, the largest silver exchange-traded fund, and carry out what one user called the “BIGGEST SHORT SQUEEZE IN THE WORLD.”
“Silver Bullion Market is one of the most manipulated on earth. Any short squeeze in silver paper shorts would be EPIC,” a user on Reddit’s WallStreetBets wrote. “We know billion banks are manipulating gold and silver to cover real inflation. Both the industrial case and monetary case, debt printing has never been more favorable for the No. 1 inflation hedge Silver.”