Reddit Rebels Going After Silver Shorters – IOTW Report

Reddit Rebels Going After Silver Shorters

Monday, 1 February 2021, 20:45 Dr. Tar Uncategorized 36

Marketwatch

WallStreetBets has a new focus: silver The precious metal is now up more than 11% on Monday since Friday’s close.

In our call of the day, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said that silver’s rocketing rise may be more rational than some investors would have expected from an internet-based momentum play. But she also warned silver’s time in the sun may be short lived.

Along with causing a squeeze, the investment thesis espoused by the WallStreetBets crowd is that silver is undervalued because it is used extensively in high-tech applications like solar panels, which are positioned for long-term growth. More

36 Comments on Reddit Rebels Going After Silver Shorters

  2. I read wsb. There was a prominent article on there last week advocating a squeeze in silver. The media ran with it and claimed wsb is going after silver next. I’ve seen it literally everywhere in the media.

    The problem? The wsb kids don’t appear to go along with the ploy. They seem to be against it.

    So why did physical silver disappear over the weekend. Because the media said wsb was going to go after it. And the public bought the story and the silver.

    But at this juncture, it does not look like this will be a wsb job. Unless they change their minds.

    So maybe the urge to buy silver will take on a life of it’s own or maybe the wsb people will change their minds, and slv will keep going.

    But barring one or both of those things happening, slv will go right back down as the premise was false.

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  3. Once the public rebels or panics, against the constant printing of trillions of dollars with nothing backing it up, the prices of commodities will rise. This week, next month, next year? Who knows, but it is probably inevitable.

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  4. Anyone remember the Hunt brothers, the Texas billionaires who cornered the silver market in the late 70’s and early 80’s and then lost it all speculating on silver and driving the price of silver up until the silver market tanked and they lost most of their fortune.

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  5. They’ve been pushing that gold and silver has been undervalued bullshit for the 50 years of my adulthood. If I bought 10K worth of gold in 1975, I’d be a millianare, but I sure didn’t have 10K to sit on….The investment bullshit is coming to a head (AGAIN!), but I’m not worried now…..I’m not that concerned….I’ll survive….

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  6. THAT would be J.P. Morgan and their Magic Photocopier (ETF’s). 🙄

    And if you can topple them, I’ll vote for the whole crew who does it, HUNDREDS of times, in the next election! 😀

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  7. Regardless what happens going forward with silver, one thing has already happened. Countless people have woken up to see the silver market for what it has been since 1982: the most manipulated market. It’s a tiny market and easy to manipulate. Silver, like gold, is considered a real asset and used in the past as real money. Federal reserve notes are fake news, right along with everything else coming out of the media and big government. Zoomers and millennials are being redpilled and are beginning to want something that’s real. Silver fills that demand. I watched in real time this weekend physical silver go for $29/ounce to upwards of $45/ounce on ebay until the bullion dealers were sold out or shut themselves down due to volatility and exposing themselves without being properly hedged. Banks have a vested interest in suppressing silver as it’s in direct competition with fiat dollars and they also control the levers of power and can change the rules on wallstreet. This can be overcome quite easily if enough people are convinced silver is something to hold onto versus fake federal notes. With the amount of silver purchased this weekend and the amount of silver stocks bought today, with or without Reddit’s WSB, hopefully this is just the beginning of something bigger at shedding fake bullshit and putting our faith into something real for a change. Squashing the manipulated market by the hands of big banks covering for the fed’s keynesian system would be a nice side effect.

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  9. @ecp — Well said.

    I always take a quick look at any change I get from a purchase. Every now and then, I find a pre-1965 silver dime or, more rarely, a quarter. You should do this, too. With the current silver price one Roosevelt (*spit*) silver dime is worth approximately two dollars.

    About ten years ago, I bought a bag of old silver dimes. The face value was $500, and I paid a tad under $5,000 for them. Today, they’re worth over $10,000. But I didn’t buy them as an investment but rather for actual spending if the FeRN fiat dollar is badly inflated. I figure dimes will be the most easily spendable form of silver.

    @Bob M. — I’m with you all the way regarding the dire need to fuck with J.P. Morgan Chase! I hope they bleed a lot.

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  11. @Uncle Al – I am with you on the coinage prior to a certain date, namely the quarter which if you do a sound ‘test’ to pre-1965 coin to that after?

    Bounce both against the counter OR another coin and tell me you cannot ‘hear’ the silver content difference?

    That’s when I know I have an older one.

    I found a 1942 nickel that I put on the bedroom window sill…

    Look up Augustus Saint Gaudens, I am sure you are familiar with already?

    BTW? What do you guys know about investing in…COPPER??

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  14. Ghost, you can hear silver and feel it, just like gold.

    I bought a watch chain one time. I bought it because it had a rather nice piece of moss agate on it. The guy sold it as rolled gold. I was fine with that.

    I got it in the mail and held it in my hands. It was NOT rolled gold. The sound and the weight. And specific gravity.

    The poor soul sold me a 750 dollar melt value of gold for 58 dollars.

    Oh well.

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  15. @ghost — Yes, there’s something very pleasant about the feel and sound of silver and gold coins. When I check my change bowl, I usually just look at the date of any “silver” coin that doesn’t have that obvious copper glint on the edge. I figure if I can’t read the date it’s so old it’s probably silver (-: (Not really, unfortunately).

    Sorry, I don’t know anything about copper. I like to have physical possession, and with copper around $3.50/lb. I’d need a much MUCH bigger garage! Seriously, I’m insufficiently educated in the commodities/futures world to want to have anything to do with it.

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  17. Copper.
    I own a precision machine shop and any yellow metal (no not gold) Is thru the roof. Any copper or Brass Job we run, we save the chips. China is hot after that shit, and that’s what’s driving price.

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  20. Brad, so you’re not machining any gold? You should check into making some parts out of gold. That would be kind of fun, plus being as soft as it is it’s probably easy to work on. One drawback is that you would need to install metal detectors and Chinese virus checkers to make sure no one is walking out with any raw materials.

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  21. ΜΟΛΩΝ ΛΑΒΕ –
    “…why does this give me bad vibes ala. Soros betting against the Pound Sterling back in ’79?…”

    Excellent observation. He’s done it before, and we are his ultimate evil orgasm. Never underestimate Satan and his minions.

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  25. From the comments so far about copper???

    You better had pick up those random pennies when you see them..

    Also, low level thieves go after the copper FIRST, it’s the most visible and available…

    On the jobsite it’s called ‘mongo’.

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  26. I don’t know Loco, Ag could almost be the abbreviation for Agriculture. Where AG may be Attorney General. To be honest I was confused. And by coincidence, Ag is the stock symbol for a silver operation that was up 22% today.

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  28. @Uncle Al (at 10:43 pm): Actually you can “mine” copper out of currently circulating coins. Lincoln cents through 1981 (some 1982 cents are copper, but you have to weigh them to be sure) have a current melt value 0f $ .0233. That’s twice their face value. However, I see less and less of them as time goes on, just as we saw happen before with silver coins. This illustrates a fundamental law of economics: Bad money drives good money out of circulation.

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  32. I bought the shit for him. I wore it a few times and put it, all of it, in a fireproof box. I’m not above being vain. I really did like moss agate.

    Here is, my child, my children, my testamentary disposition.

    That’s an awful thing.

    It’s awful.

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  34. Gonad the Barbarian is right. NO ONE on WSB is talking about buying silver. To them, it’s all fake news. But someone is manipulating the silver market and using the media to assist / collude. Also, WSB is saying that any media outlet that talks about the silver market and WSB are def the ones you can NEVER trust. They’re keeping a list.

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  36. Everything went up over the weekend – Gold, Silver, Platinum, Palladium, and Copper. I don’t know what the Hell is going on – but it isn’t just a Silver play – unless the others move in sympathy.
    I sorta suspect that a lot of people want to transfer some percentage of their wealth into metals because they’re fearful of the Usurper Biden, the Stolen Election, the Chinese Flu, the corrupt insanity of Yellin, and the imposition of totalitarian nonsense at every level of society. The future’s looking pretty dim right now and the maggots and rats are turning their backs on America. The debt will probably explode – triggering accelerated inflation – and further diminish the value of the dollar.
    But I’m guessing – having no sense of economics and no crystal balls.

    izlamo delenda est …

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