{"id":167993,"date":"2021-02-01T17:20:51","date_gmt":"2021-02-01T14:20:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/price-of-silver-surges-as-reddit-traders-find-new-target\/"},"modified":"2021-02-01T17:20:51","modified_gmt":"2021-02-01T14:20:51","slug":"price-of-silver-surges-as-reddit-traders-find-new-target","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/price-of-silver-surges-as-reddit-traders-find-new-target\/","title":{"rendered":"#Price of silver surges as Reddit traders find new target"},"content":{"rendered":"

“#Price of silver surges as Reddit<\/a> traders find new target<\/strong>”<\/p>\n

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Silver surged to its highest price in years on Monday as it became the latest target for a brigade of day-traders on Reddit.<\/p>\n

The precious metal was recently trading up about 9 percent at about $29.40 an ounce after rising above $30 for the first time since 2013. The spike came amid increased interest in silver on Reddit\u2019s WallStreetBets forum, which has pumped up the stock prices of companies such as Game<\/a>Stop and AMC Entertainment.<\/p>\n

The message board has waged war on hedge funds betting against those beaten-down businesses \u2014\u00a0and now some rookie traders want to execute a similar \u201cshort squeeze\u201d in silver to pressure banks that have bet on its price dropping.<\/p>\n

\u201cSilver Bullion Market is one of the most manipulated on earth,\u201d Reddit user RocketBoomGo wrote in a popular post<\/a> outlining the thesis. \u201cAny short squeeze in silver paper shorts would be EPIC.\u201d<\/p>\n

\u201cIf you don\u2019t care about the gains, think about the banks like JP MORGAN you\u2019d be destroying along the way,\u201d the poster added.<\/p>\n

\"Silver
Silver is above $30 an ounce for the first time since 2013.<\/figcaption>
Alamy Stock Photo<\/span><\/figcaption><\/figure>\n

The \u201c#SilverSqueeze\u201d movement won support from the Tyler and Cameron Winklevoss, the twin-brother venture capitalists who famously sued Facebook founder Mark Zuckerberg and currently run a cryptocurrency exchange.<\/p>\n

\u201cThe #silversqueeze is a rage against the machine,\u201d Tyler Winklevoss said on Twitter<\/a> Sunday.<\/p>\n

But the squeeze play was not universally accepted on the 7.8 million-member WallStreetBets board. Several posts on Monday urged members to avoid betting on silver, with some claiming hedge funds and the media were pushing the price jump.<\/p>\n

\u201cstop trying to make silver happ<\/a>en, it\u2019s not going to happen,\u201d a user named snacksandmetal wrote<\/a>.<\/p>\n

The skeptics didn\u2019t stop interest in silver from exploding, however. Precious metals broker APMEX said demand was 12 times higher than normal over the weekend and that it added as many new customers on Saturday as it usually adds in a week.<\/p>\n

\u201cWe have made strategic decisions to procure additional metal, locking up any metal we can find in the market place,\u201d CEO Ken Lewis said in a statement<\/a> posted on APMEX\u2019s website. \u201cWe suspect premiums will rise and rise quickly, as we are seeing significant increases in our costs, when we can even locate the metal.\u201d<\/p>\n

With Post wires<\/em>\n <\/div>\n