Move over GameStop, Reddit mania is spreading to the precious metals market.
Silver futures surged as much as 13% to Monday, touching five-month highs. That follows a 6% rally last week.
Meanwhile, retail sites warned customers over the weekend they could not meet skyrocketing demand for silver bars and coins. And "#silversqueeze" is trending on Twitter.
In more recent trading, silver futures were up almost 11%. Shares of precious metals miner Coeur Mining (CDE) rallied 20% in premarket trading, while Pan Am Silver (PAAS) rose 15%.
The moves provide another example of the power of a group that has captivated Wall Street and Main Street: WallStreetBets. The Reddit forum sent GameStop (GME), AMC (AMC) and other heavily shorted stocks skyrocketing last week, roiling markets and crushing some hedge funds that had bet against those stocks. Robinhood, the free-trading app, came under fire after restricting trades in GameStop and other stocks.
People on WallStreetBets set their sights on silver and the iShares Silver Trust ETF (SLV) last week, with some suggesting it could be a way to hurt big banks they believe are artificially suppressing prices.
"SLV will destroy the biggest banks, not just some little hedge funds," one WallStreetBets user wrote.
Another claimed JPMorgan Chase has been "suppressing metals for a long time. This should be epic. LOAD UP."
Several noted that JPMorgan (JPM) paid a record $920 million fine last year to settle charges that it engaged in manipulative trades of futures tied to precious metals as well as Treasuries.
However, some posts on WallStreetBets suggested their movement is being co-opted by hedge funds and there is no coordinated effort in the silver market.
"The Silver Squeeze is a hedge-fund coordinated attack so they can keep fighting the $GME fight," one thread was titled.
The post said that buying silver "would be a tragic, irreversible decision that not only will most likely not make you any money because the squeeze is fake, it will put you on the sidelines from this righteous and glorious war we are in."
#ConnectTheWorld #CNN #News
THIS IS A DISTRACTION. HOLD $GME
Biden was killed https://youtu.be/TdRUNQMm17I omg!!\:
Hold $AMC, hold $GME
DISTRACTION, HOLD GME, HOLD THE LINE, DO NOT SELL
@dwj77 hold it until Wall Street remembers 2008
HOLD AND GO BROKE AHAHAHA
@CitsVariants HOLD AND SEND A MESSAGE!!
🚀🚀🚀
https://youtu.be/aXq8WYMyBHw
@CitsVariants bold of you to assume we care about our money. This is about a message, those vampires are the money obsessed ones
Don’t buy silver, citadel has a major stake in silver. Its a marketing campaign by them.
@Ken Yang no because its not gonna last and you will get caught holding the bag.
It’s Donald Trump, trying to make a quick buck!
Yeah they are full of bs. They stopped the sale of silver to run it up.How can we believe anything we hear from msm and others in power. The people are tired of being played! Seems like they will do anything to get richer and have more control over us. I’m not democrat or republican but all I know is now we can’t believe anything we see or hear it’s pathetic and needs to stop! I hope the movement doesnt ends until there’s a clear and fair democracy that is based on facts not political agendas as it is now!!
@Ken Yang If you want to be the victim of a pump and dump manufactured by the hedge funds then yeh go right ahead and buy silver.
jPnewpic88.men
The only ones not laughing at this are the hemorrhaging hedge funds.
Bwahahaha
IT A TRAP!
https://www.youtube.com/watch?v=5oAEPVY4eGY&ab_channel=Timcast
Whats a trap? Explain
@Blacc silver Staff CNN is shilling for Wall Street and trying to make people sell so they can lose their money and Wall Street can gain back
I’ve been saying this for years CNN and other mainstream media are nothing but crooks
@The One3 well CNN is heavily funded by George soros. And what is he heavily invested in? Hedge funds.
This is a distraction. HOLD GME!
FAKE NEWS. And they call us trolls. GME AMC 🚀🌚
I’m not into all this, but I gotta say… This is clearly an opinion piece because she sounds SALTY! 😳
They tried 🤣🤣
They are playing with our minds
ITS ONLY A SIMULATION, HOLD THE LINE
I am not a financial advisor, i eat a-lot of crayons
jPnewpic88.men
I actually demand a source of this reporting.
silver : toilet paper 2021 !
@Goo gle Maybe true, but many know Silver is the Achilles Heel of the Rothschile Debt Based Banking Conn.
Cnn
Says it all.
It an “unnamed source”, plenty of those popping up the last couple years
@Bout It uhhhh. There were audio recordings of Trump doing a bad thing on a phone call as well as a transcript put out by the Trump White House.
FAKE HOLD THE LINES!!!! ONLY ONES BUYING SLV IS CITI
JP Morgan
https://youtu.be/aXq8WYMyBHw
My advice for hedge fund managers: Only invest money that you’re willing to lose. Mmmmmkay? 😉
This action does have my CONSENT!
If this problem is to be solved, the hedge fund concept needs to be eliminated. The hedge fund managers will just have to get real jobs like the rest of us and do something productive. Lard a$$ flipping puke leeches on society.
Exactly, don’t bet on something with an infinite risk either.
Agreed
They invest money they don’t even have! Much less have to lose.
NOT TRUE, WE STILL HOLDING GME AND AMC
Hell yeah To the moon, cnn is trynna get us to go to silver
Silver ETFs are not a real security
@Woke From Home physical silver
@npc I’m BOT, stfu. Short squeeze on 3 to 20? Gtfoutta here
Don’t do it people. Go to wall street bets to see don’t listen to CNN or other news media to find out how to stick it to these hedge fund corporations
@TheBase1aransas citadel is the 4th largest shareholder of $SLV. Why the hell would we buy shares of it? Lol
@Lenny Brewster SLV is a Fraud and I would NEVER, and have NEVER suggested anyone buy it.
@Lenny Brewster You don’t have to imagine how effective the brainwashing has been. The mere mention of a hard asset avoiding all counterparty risk is totally missed, and a paper substitute with MULTIPLE avenues of counterparty risk is automatically substituted. Effective as hell. The Borg owns them.
I’m lost. Help help
jPnewpic88.men
Reddit is not encouraging the buying of silver. It’s all a ploy.
Basically funds that are long and banks that are short trying to out tweet each other.
Nope actually Republicans are. We started about a week ago.
@Bob Davis lol @ started buying silver a week ago
Did anyone at cnn fact check this?
Redditors aren’t buying silver, that’s the hedge fund managers trying to swindle reddit
@Hortense Pie _’CNN is lying, they know they are lying they do this kinda garbage all the time on behalf of the establishment’_ I love how CNN manages to be at the center of EVERY conspiracy theory out there. It’s like the knee-jerk response to anything someone doesn’t like.
That ‘establishment’ sure does get around; they somehow manage to manipulate EVERYONE except for a few half-wits on the internet. Save us, oh internet chosen ones! Only you with your keen ability to read social media posts can save the day! Your emote-spam will surely herald us to victory!
@Scurra Its not a conspiracy, and its not “CNN” at the center. Every other establishment media outlet is the same garbage propaganda, Fox News included, it just slants things a little different to try and pander to a different demographic. If you trust the establishment garbage news and allow yourself to be manipulated by them its on you.
The number of people that don’t trust the establishment media is massive. Its not “a few halfwits on the internet”. Just because you trust the mainstream media doesn’t make you mainstream, it just makes you a gullible idiot.
How stupid are you think cnn is real news?
jPnewpic88.men
Silver is the most shorted commodity there is really but it would take trillions to squeeze it and to squeeze it could collapse country’s. BUY GME NOT SLV. to the moon
NOBODY ON WALLSTREETBETS IS PUSHING SILVER
But CNN said so!
They said Trump was bad and that honest Joe would fight for union jobs and wasn’t backed by wall Street
@Bout It The difference between Donald Trump and other POTUS is trump will lie to your face and the others lie behind your back.
@Ftl Rig So Trump’s dishonesty makes him more honest than any other Politician.
Which is what a ton of people on the right knew this whole time. You just never talked to us because your media oligarchs told you not to.
@Ftl Rig damn you got roasted….
jPnewpic88.men
This is NOT due to Reddit users.
#fakenews
You’re right. Citadel has high shares on silver right now. They’re trying to manipulate people into lining the company’s pockets and mitigating their losses. Of course.
This is false. They trying to do what Reddit dude with intent to harm “the little guy “ so to speak. This is fake
I heard that the silver squeeze is a ploy by hedge fund managers. lol
The little man is fighting back and the elites don’t like it.
What a joke of journalism. It’s fake news, just go and see the forum.