The Wall Street Bets Forum Group Target Silver And The Price Jumps in Early Trading Posted by Brian Ford on February 01, 2021
On Monday in early trading the silver spot price jumped after the Reddit forum group Wall Street Bets started targeting the metal. The spot price jumped $2.83 in early trading before settling up a buck for the day.
Some wildly speculate the group could drive silver to $250 or more. In fact the original post from just a few days ago stated, ““THE BIGGEST SHORT SQUEEZE IN THE WORLD $SLV Silver $25 to $1,000”.
The premise of the post is that silver is manipulated by the big banks, but if enough people buy it, driving the price up, it would clean out the short positions and the price of silver could find it’s “true” value.
Others on the forum are saying it’s actually the hedge funds behind the rise in silver prices.
Only time will tell if the tactic is successful. One thing’s for sure though, it ought to be an interesting ride.