Silver Futures Soar 8% As Reddit Hordes Pile In, page-2

First 2 Last

Share
Profile

Follow
AverageJoe

41,319 Posts.

1007

01/02/21

14:46

Post #: 50609984
Share

Originally posted by Catgut ↑

First there was this over the weekend:

Reddit Outages Reported As r/WallStreetBets Experiences Surge In Web Traffic
https://www.zerohedge.com/markets/r...allstreetbets-experiences-massive-web-traffic

"r/WallStreetBets has seen exponential traffic with millions of new subs over the last week."

The article also noted:
"This weekend, we noted r/WallStreetBets' next move could unleash the "world's biggest short squeeze" in silver.

One reader commented:
"It would be hilarious if the Silver short squeeze causes big tech & industrial companies to panic from silver shortages, and they start taking massive physical delivery off Comex so they don’t have product shortages.Comex then fails to deliver the metal and is forced into bankruptcy. Can't wait until Monday!

Then this:

Silver Futures Soar 8%, Rise Above $29 As Reddit Hordes Pile In
https://www.zerohedge.com/markets/reddit-preparing-unleash-worlds-biggest-short-squeeze-silver

"It was the one print everyone was waiting for, and here it is: silver futures opened up 7%, surging from $27/oz to a high of $29.095 following a weekend of speculation that the next big squeeze on WSB's radar is silver. And whether that's true or not, may no longer matter in a world where - as described below - there is virtually no physical silver to be purchased."

"So as silver approaches $30, keep an eye on major price slams, emerging either out of central banks who desperately need to keep precious metals lower, or the BIS itself, whose Benoit Gilson will have a busy day tomorrow."

Monday (US time) could be interesting!

Expand

Ever since the smashing of gold in April 2013, the speculation that the paper contracts do not sufficiently cover the physical has been talked about in gold bullion in Comex. There was no trigger to force a conversion from paper futures to physical instead of a rollover of the futures contract. If the Reditters start demanding physical, our PM miners will be the 'new banks' replacing fiat paper. Game on!
2 Upvote

Reply