Reddit’s army has flooded it with silver as a target for precious metals

Move on to GameStop, Reddit mania is expanding into the precious metal market. Silver futures rose to 13% through Monday, hitting a five-month high. After a 6% rally last week. Meanwhile, shopping malls warned customers over the weekend that they could not meet the huge demand for silver bars and coins. And “#silversqueeze” is all the rage on Twitter. In the most recent negotiations, silver futures rose by almost 11%. Coeur Mining (CDE) shares of precious metal miners rose by 20% before trading, and Pan Am Silver (PAAS) by 15%. The move provides another example of the power of a group that has fascinated Wall Street and Main Street: WallStreetBets. The Reddit forum last week posted GameStop (GME), AMC (AMC) and other tough stocks, moving markets and crushing some hedge funds that bet against those stocks. Robinhood, a free trading app, caught fire after trading on GameStop and other stocks. People at WallStreetBets put out silver and iShares Silver Trust ETFs (SLVs) last week, suggesting that some may be a way to hurt big banks who believe they are artificially removing prices. “SLV will destroy the largest banks, not just a few small hedge funds,” one WallStreetBets user wrote. Another claimed by JPMorgan Chase “removes metals for a long time. It should be epic. LOAD”. Several have stated that JPMorgan (JPM) filed a $ 920 million fine last year to settle expenses incurred in the commercial handling of precious metals and future business related to the Treasury. However, some WallStreetBets publications suggested that hedge funds select their move and there is no coordinated effort in the silver market. “Silver Squeeze is a coordinated attack on the $ expansion fund in order to sustain the fight against $ GME,” a thread titled. Buying silver from publications “would be a tragic and irreversible decision that will probably not make you any money, because the tightening is false, it will put you on the side of this just and glorious war we are in.” #ConnectTheWorld #CNN #New.

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