Silver s Reddit surge has more merit than meets the eye
Wall Street and the City have heard Reddit s rallying cry for the precious metal
2 February 2021 • 6:00am
Silver has surged after attracting the attention of Reddit s investor army
Credit: Michael Probst/AP
The rallying call for an audacious bid to squeeze the $1.5 trillion (£1.1 trillion) global silver market may have been made on Reddit, but it’s been heard – and acted on – in Wall Street and the City.
Unlike the GameStop peasants’ revolt , pitting ordinary DIY investors against hedge fund villains, Reddit’s silver raid has found enthusiastic backers among the aristocrats of finance.
Silver squeeze is not the same as GameStop - managers
Reddit involvement helpful to silver market
Fears around a repeated squeeze on silver following that of Gamestop have been dismissed
The concerted effort to drive up the price of silver by Reddit traders is helpful to the silver market but not the same as GameStop , according to commodities fund managers.
On Friday (29 January) the subreddit responsible for driving a short squeeze on GameStop, which caused Melvin Capital Management to suffer more than 50% losses for the month, turned its attention to the.
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