Sci-tech

After GameStop, 'Reddit riot' raises silver prices

After GameStop, 'Reddit riot' raises silver prices”

The consternation over the stock price surges at GameStop and AMC is rooted in their disconnect with their financial performance-both companies are losing money, made worse by the pandemic lockdowns.

Monday's steep drop in GameStop echoed what has become a typical move for a company that has regularly seen double-digit swings most of the last two weeks. GameStop saw a % 1,500 price increase since the start of the year. The stock closed out January at $325 a share, far above the $17 it fetched at the beginning of the year.

In the process, they've done heavy damage to those hedge funds in a stunning reversal of financial power on Wall Street.

"Happy to work with nearly any other GOP that aren't trying to get me killed".

A glance at r/WallStreetBets, however, reveals the opposite. Already some prominent members of the WallStreetBets forum have advised against it, with some noting that Ken Griffin's Citadel Advisors LLC, a favorite bogeyman of the Reddit crowd, is listed as one of the biggest shareholders of the iShares silver trust.

Aberdeen Standard Physical Silver Shares ETF and ZKB Silver ETF had inflows of $80 million and $13.7 million respectively in the last month.

Democratic New York congresswoman Alexandria Ocasio-Cortez responded curtly on Twitter to Texas Republican Senator Ted Cruz after he sided with her comment that Robinhood's attitude was unacceptable.

In silver, CME Group asked traders to put up more collateral after reviewing market volatility.

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The day traders, who launched the attack as part of their plan to "fight back" against hedge fund giants, profoundly raised the stock price of the gaming retailer and some other firms, such as Nokia and Blackberry, that had gradually lost value over the past few years.

"Unless GameStop has a miraculous recovery, a lot of people are likely to lose a fortune", he said. The strategy worked, but since many retail investors are novice, at best, it also created a gateway for tons of misinformation to receive viral attention.

JEWELRY, TABLEWAREFor eons, silver has been respectable runner-up to gold when it comes to rings, earrings and cutlery, making up more than a quarter of the global market for the metal. But as of Monday, one Reddit user is still holding the line: u/DeepFuckingValue.

Trading 212, the FCA-regulated broker today announced on their website that they are not allowing any new BUY positions to be taken on Silver and that the precious metal has been placed in close-only mode.

Recent changes in sentiment suggest that silver prices hold a bullish bias in the near-term.

Meanwhile, users on r/WallStreetBets are still pouring in to get a piece of the pie. The S&P 500 climbed 44 points, or almost 1.2 percent, while the tech-heavy Nasdaq added 172 points or 1.2 percent.Last week, broad anxiety over the consequences of the market chaos and worrying economic data fueled widespread losses. Planes are flying banners with the name of the sub around places like Miami Beach and San Francisco, and billboards are popping up around the United States to raise awareness on the short squeeze of GameStop and AMC.

"Although the short squeeze started with GME, it appears to be spreading to a wider range of stocks".



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