Silver jumps 11%, the most in 11 years as Reddit traders try their squeeze play with the metal https://www.cnbc.com/2021/01/31/sil...rs-try-their-squeeze-play-with-the-metal.html The sharp move higher builds off gains for silver and silver-related equities late last week. The spike in demand for silver appears to be related to retail traders in the Reddit forum WallStreetBets, which has helped drive trading activity in heavily shorted stocks like GameStop and AMC Entertainment in recent weeks. The price of silver surged higher on Monday morning as the Reddit-fueled boom in highly shorted stocks appears to be spilling over into the metals market. Spot silver prices jumped 10.7% to $29.89 an ounce at roughly 9:45 a.m. a.m. ET.. If this holds, it would be the biggest one-day pop in silver on NYMEX since a 13% spike in March 2009. The metal briefly hit $30.03 to register its highest level since Feb. 2013 before paring some of its gains. The sharp move higher extended gains for silver and silver-related equities late last week. The iShares Silver Trust, an ETF that retail investors can easily buy that seeks to track the price of silver, jumped nearly 11% in early trading. It popped 6% last week. Silver mining stocks Coeur Mining and Pan American Silver surged 32% and 20% respectively in eaerly trading. The two rose 16.9% and 14.7%, respectively, on Thursday and Friday. The spike in demand for silver appears to be related to retail traders in the Reddit forum WallStreetBets, which has helped drive trading activity in heavily shorted stocks like GameStop and AMC Entertainment in recent weeks. The forum had multiple active threads dedicated to silver on Sunday night, and the phrase ”#silversqueeze” was also trending on Twitter. “It’s a very different target, but the fact that you can move silver, such a large market, is an indication to everybody that they have to take these new technicals seriously,” said Allianz chief economic advisor Mohamed El-Erian on “Squawk Box.” The silver discussion on Reddit was not all in favor of buying the metal and related equities, with some users arguing that the “silver squeeze” was an attempt to distract from the trading in GameStop and others. Other posts were in favor of bidding up silver, and one user on Friday night referenced the Hunt brothers’ attempt to corner the silver market in 1980. The move in silver was touted by investors who are bullish on cryptocurrencies like Bitcoin, which see the new digital assets in part as replacements for traditional metals. Cameron Winklevoss, co-founder of cryptocurrency firm Gemini, said on twitter that, “The ramifications of a #silversqueeze cannot be underestimated. If it’s exposed that there are more paper claims on silver than actual silver, not only would payoff be enormous, but gold would be next. #Bitcoin fixes this.” The dramatic spikes in GameStop and other heavily shorted stocks were due in part to a short squeeze, which is a phenomenon where investors who have bet against a stock are forced to buy shares to cover their positions as the name moves higher. Melvin Capital, one of the hedge funds that originally had short positions in GameStop, lost 53% in January. There were more than 4 million shares of the ETFMG Prime Junior Silver Miners ETF traded on Thursday and Friday, compared with a three-month average volume of 1.56 million, according to Stephen Gardner, the firm’s director of sales. Gardner said the metal was already rising recently due to continued fiscal stimulus and that Reddit traders were targeting it because banks are typically net short on silver.
But again the concern is always about when hedge funds get caught with their pants down taking on huge risks and they way it affects the rest of us but no one ever gives a shit while they are tkaing their pants down daily....and then they are bailed out. Let them fail because this fake outrage from Lizbeth and others is just grabbing a headline when people care and then leaving it be when it goes back in the shadows.
Cylon toaster. Very tricky to program. I expect IQ50 wildchild has a licence from some no code shite like Blackbird/hound whatever for Ninjatrader. If that.
We still have the issue of the article's use of [wealthy]. It's a spin. Was Warren really defending the hedge funders?