by: Ethan Huff
Multiple media outlets are claiming that Reddit users have SLV (paper silver) in their crosshairs, though the latest posts in r/wallstreetbets (WSB) would seem to suggest otherwise.
Zero Hedge (ZH) reported that SLV opened up 7%, jumping from a $27/oz. high to $29.095 over the weekend. This particular outlet admits that the jury is still out as to whether WSB is really looking to put SLV in its crosshairs, but regardless, there is no physical silver currently to be purchased, and people know it.
“Spot Silver is back to its highest since the August / Sept. cycle highs,” ZH explains. “Gold futs (futures) managed very modest gains … And silver’s dramatic outperformance has pushed the gold / silver ratio to its lowest since 2014.”
ZH also explains that silver miners are “getting the love,” including Argent Minerals and Boab Metals, both of which have risen more than 20 percent.
Meanwhile, the U.S. Equity market is taking an all-around hit of around 1%.
“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,” ZH adds.
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The market landscape sure is a changin’
Blacklisted News beat a little less around the bush, its editor noting that “I have never seen anything like this.”
This independent news outlet is reporting that the corporate media has created a new meme called “the Reddit Army” that it claims is planning “to do to silver what it did to GameStop.”
Reading the headlines from back on Friday, one who had no idea what was actually going on may have been led to believe that the GameStop (GME) stock frenzy had ended, and that the hedge funds had already covered their shorts. Nothing could be further from the truth.
At its lowest point last year, GME stock was $2.57 a share. Last week, it soared to over $483 a share and if those who believe in the cause continue to hold no matter what, the price will only continue to soar.
Meanwhile, SLV has risen nearly 15% since last Thursday, the mainstream media falsely claiming that Reddit users were “urging retail investors to buy silver mining stocks and iShares Silver Trust, an exchange traded fund (ETF) backed by physical silver bars, in a GameStop-style squeeze.”
In the 24 hours proceeding Friday’s market close, SD Bullion sold nearly ten times the number of silver ounces that would normally sell in an entire weekend.
“In a normal market, we normally can find at least one supplier / source willing to sell some ounces over the weekend if we exceed our long position (the number of ounces we predict we will sell over the weekend),” wrote Tyler Wall, the company’s CEO.
“However, everyone we talk to is afraid of a gap up at Sunday night market open.”
As it turns out, there is very little silver inventory left from both suppliers and mints going into the Friday close. One direct supplier told SD Bullion that after close on Friday, the “U.S. Mint will be on allocation for the remainder of Type 1,” the current Silver Eagle design.
During the month of January, sales of silver at SD Bullion recorded an all-time high. Some investors are deciding to hold on to the silver they own rather than try to take profits, which is similar to what the GME gang is doing by holding for the long haul.
Sources for this article include: