{"id":168651,"date":"2021-02-02T03:35:26","date_gmt":"2021-02-02T00:35:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/reddits-epic-silver-squeeze-is-only-helping-wall-street\/"},"modified":"2021-02-02T03:35:26","modified_gmt":"2021-02-02T00:35:26","slug":"reddits-epic-silver-squeeze-is-only-helping-wall-street","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/reddits-epic-silver-squeeze-is-only-helping-wall-street\/","title":{"rendered":"#Reddit’s ‘epic’ silver squeeze is only helping Wall Street"},"content":{"rendered":"

“#Reddit<\/a>’s ‘epic’ silver squeeze is only helping Wall Street<\/strong>”
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Finally, a \u201cReddit rally\u201d Wall Street can get behind. <\/p>\n

The merry band of day traders behind runaway stocks like Game<\/a>Stop piled into silver on Monday in an effort to squeeze Wall Street. But metals market experts say the resulting rally is more likely helping, rather than hurting, the big boys.<\/p>\n

The price of silver skyrocketed on Monday as users of Reddit forum WallStreetBets piled into the precious metal and proclaimed it the next front in their war against Walls Street\u2019s old guard.<\/p>\n

The uptick, which mirrored frenzied trading in stocks like GameStop and AMC, resulted in an unprecedented volume of trades that sent the price per ounce of silver above $30 for the first time since 2013.<\/p>\n

And it garnered support from the Winkelvoss twins and others who dibbed the move as \u201cEPIC\u201d and popularized the hashtag #silversqueeze.<\/p>\n

Ryan Giannotto, director of research at GraniteShares, a New York-based ETF issuer, said that novice investors \u2014 like those on Reddit forum WallStreetBets \u2014 app<\/a>eared responsible for the \u201cvast majority\u201d of Monday\u2019s price spike.\u00a0<\/p>\n

\u201cThis has the fingerprints of a retail surge all over it,\u201d he said, pointing to heavy trading volumes in silver exchange-traded funds as well as data showing metals brokers like APMEX saw a surge of new customers over the weekend.<\/p>\n

But unlike their big victories squeezing hedge funds shorting small-cap stocks like GameStop, small investors are now betting with the conventional wisdom.<\/p>\n

According to data from the Commodities Future and Trading Commission, the net position of metals traders dealing in silver has been a long one for the first few weeks of 2021.<\/p>\n

And even if the small traders could keep the price of silver soaring, the the market for metals like silver is just too big to squeeze, experts said.<\/p>\n

\u201cNot only is it a very large market,\u201d said Gianotto. \u201cNo one\u2019s really short silver and it\u2019s just too big for them to push over the line.\u201d\u00a0<\/p>\n

Even some Redditors were preaching caution on Monday.<\/p>\n

\u201cBy buying silver\/going long on silver, you would be directly putting money into the pockets of the EXACT HEDGE FUNDS ON THE OTHER SIDE,\u201d one WallStreetBets user posted late Sunday night. \u201cThe hedge funds are LONG silver NOT short silver.\u201d<\/p>\n

Some users also speculated that professional traders posed among them to start this rally for their own profit \u2014 pointing to a now-deleted WallStreetBets post from Saturday urging the group to push the price to $1,000 and ounce.<\/p>\n

Three traders told The Post that this theory is a more than likely possibility behind the rally.<\/p>\n

\u201cI don\u2019t think shorts are really being squeezed,\u201d one UK-based metals trader told The Post. \u201cI think all professional silver traders would be making money out of this.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Reddit’s ‘epic’ silver squeeze is only helping Wall Street” Finally, a \u201cReddit rally\u201d Wall Street can get behind. The merry band of day traders behind runaway stocks like GameStop piled into silver on Monday in an effort to squeeze Wall Street. But metals market experts say the resulting rally is more likely helping, rather than…<\/p>\n","protected":false},"author":1,"featured_media":168652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/12\/Financial_Markets_Wall_Street_2.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[91587,80594,72128,71070,73785,5005,70360],"class_list":["post-168651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-2-1-21","tag-commodities","tag-gamestop","tag-hedge-funds","tag-markets","tag-reddit","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/168651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=168651"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/168651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/168652"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=168651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=168651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=168651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}