Enthusiasts short squeeze on silver? Reddit traders throw themselves on the precious metal

16:25  01 february  2021
16:25  01 february  2021 Source:   t3n.de

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After Gamestop and Dogecoin now silver? The price of the precious metal has risen by ten percent in the past few hours. And that could just be the beginning. The Reddit traders have big goals.

Silber: Preis gestiegen. © AbeSnap23 / Shutterstock Silver: price increased.

The mostly young small investors who often trade via trader apps like Robinhood or Trade Republic and join together in forums like Wallstreetbets on Reddit, keep the financial market in suspense. After the hype about stocks, for example from Gamestop, Nokia or AMC, and crypto currencies, especially Dogecoin, Bitcoin and Ripple, the Reddit traders now seem to have the market for precious metals in their sights. The silver price has risen ten percent in the past few hours - and according to Wallstreetbets, that's just the beginning.

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Reddit traders: all-time high of $ 1,000 in sight?

Anyone looking for signs of the influence of Reddit traders on the silver price can first find them on Twitter. The hashtag #silversqueeze has been trending there since the weekend; Tens of thousands of posts deal with the topic. There are numerous active threads on the topic in the Reddit forum Wallstreetbets. On Reddit, for example, it says that the market for silver is the "most heavily manipulated market". In fact, there should be a lot of shortsellers there. On Reddit, users are said to have declared a price of $ 1,000 as a target - which sounds pretty unlikely at first. The silver price is currently trading at just under $ 30; the previous all-time high is $ 50.

According to deraktionaer.de , the current price increase is said to have already ensured that the silver ETF SLV had to buy almost 34.5 million ounces of silver on the market. The effects of possible activities of Reddit traders can also be illustrated on the stock market. There, the shares of First Majestic Silver, according to precious metal expert Markus Bußler “one of the most heavily shorted stocks in the raw materials sector”, have meanwhile shot up by 50 percent. The shares of mining companies specializing in silver such as Coeur Mining and Pan American Silver also rose in double digits at the end of last week, as reported by CNBC . Winklevoss: Bitcoin can do the fixed

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The silver hype is also making crypto activists like Cameron Winklevoss sit up and take notice. The co-founder of the cloud mining provider Gemini explained via Twitter that the effects of a short squeeze in the silver sector should not be underestimated. Should it turn out that the silver claims in paper form would exceed those of the supply of real silver, the profits would not only be considerable here. Winklevoss then sees gold as the next target. Only Bitcoin could end this game, according to Winklevoss.

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. - Cameron Winklevoss (@cameron)

January 31, 2021

Read this analysis on the topic: Gamestop, Tesla, Bitcoin - How Memes and Stories Shake the Financial World

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usr: 0
This is interesting!