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This past week, another social media trend started on the Reddit forum r\/wallstreetbets, which aims to initiate a large silver short squeeze in order to push the price of the precious metal to $1,000 per ounce. However, the silver squeeze trend comes with controversy, as numerous wallstreetbets supporters believe hedge funds like Melvin Capital and Citadel are behind the silver push. <\/strong><\/p>\n During the last week, news.Bitcoin.com reported<\/a> on the wallstreetbets (WSB) saga taking place on social media forums and the infamous subreddit r\/wallstreetbets. Since the mega short squeeze on the Gamestop (GME) shares, the squeeze maneuver has also spilled into a number of other stocks. This week, shares from the Russell 3000 Index (RUA) were targeted<\/a> including tickers like NOK, GOGO, AMCX, and FIZZ. But the trend didn\u2019t stop there, as one post, in particular, had called for a \u201csilver squeeze.\u201d The WSB Reddit post<\/a> called for the silver squeeze to push the price of silver from $25 per ounce to $1,000.<\/p>\n Now since the post was published, the Reddit admins in charge of moderating r\/wallstreetbets removed the post. But that was long after the message was made viral by the participants discussing the pros and cons of attempting to squeeze silver. Now the reason people think the silver short squeeze post may be shady, is because a number of WSB Redditors believe the silver squeeze was invoked by the hedge funds losing money in order to cover their GME losses. There are a great number of Reddit posts warning that people should not participate in the silver short squeeze.<\/p>\n One post said<\/a>:<\/p>\n Citadel is the 5th largest owner of [silver], it\u2019s imperative we do not \u2018squeeze\u2019 it. These are hedge fund bots spamming awards.<\/strong><\/em><\/p>\n<\/blockquote>\n The people who dislike the silver trend on WSB, have also warned that Melvin Capital Management is also a big silver holder. Unfortunately, it is hard to tell where the silver pump threads and posts are stemming from, as there are many free-market supporters who are fans of the precious metal sometimes referred to as the \u2018poor man\u2019s gold.\u2019<\/p>\n Despite this, there are numbers of WSB fans and Redditors claiming the silver pump stemmed from hedge fund people and they believe there are imposters everywhere now. Some of these people are growing irrational, getting mad at anyone who posts about silver. Many WSB supporters might be feeling the pain from Gamestop Corp. shares dropping significantly on Monday.<\/p>\n Silver soars past $30 a troy ounce as Reddit-fuelled buying frenzy continues for 3rd day. #Silversqueeze<\/a> pic.twitter.com\/mLmasUBrq1<\/a><\/p>\n \u2014 Holger Zschaepitz (@Schuldensuehner) February 1, 2021<\/a><\/p>\n<\/blockquote>\n Despite the speculation, some sort of demand was invoked when it comes to silver prices and obtaining physical bullion. For instance, if you are attempting to purchase an ounce or ounces of silver bullion online, the process is far more complicated now than it was last week. A large portion of bars and coins are either sold out or the prices are marked up considerably.<\/p>\n This is simple arbitrage. #Silver<\/a> futures are 28.67. Silver Eagles on Apmex are $41.66, thats a 45% premium to futures. Obvious opportunity to buy futures & stand for delivery for a 35% discount on physical right? But when they don’t have it, Futures = $41.66\/oz. #silversqueeze<\/a><\/p>\nThe Controversial \u2018Silver Squeeze\u2019<\/h2>\n
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In Spite of Controversy, Something Is Sparking Silver Demand<\/h2>\n
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