Posted on 02/01/2021 5:23:47 AM PST by Presbyterian Reporter
The price of silver is rallying as the online trading movement fueling the rise of unloved shares like GameStop took a shine to the precious metal.
Silver futures jumped more than 10 percent on Monday, the most in 11 years, after briefly rising above $30 an ounce in early trading, following strong gains over the weekend.
On Twitter, #silversqueeze was trending as investors turned their attention to the latest market strategy to emerge from the “WallStreetBets” forum on Reddit. The online army of Reddit traders have over the past week rallied to defend out-of-favor companies such as GameStop and AMC, defeating hedge funds that had bet the shares would fall by selling them short, in a stunning reversal of financial power transfixing Wall Street.
(Excerpt) Read more at msn.com ...
The US Futures Market opens in 8 minutes. Will the 'supposed' Big Boys be able to curtail this squeeze.
It might be too early for popcorn.
Haven’t seen much movement in international training.....
Even the GameStop crowd are saying not to buy silver.
I would be surprised if it gets too far down the road.
When it hits $500 an ounce I will pull out my silver filling and sell them. I have one tooth in my drawer that has a gold filling in it for sale too.
It is way more difficult to move an entire commodity market than a small companies stock......
Think rowboat versus Ocean Liner.....
So many people have bought gold and silver over the last 3 years or so due to the (sometimes not so) vague fears of instability that the only reason to buy it now would be to speculate on a short term spike due to the actions of the squeezers and to get off before the correction. The only other reason is if you have money to burn and actually just want to help the squeeze.
“””Haven’t seen much movement in international training.....”””
Check out the link at post #2.
It was the European trading at 3 am this morning that took Silver over $30.00.
Hunt brothers tried this before, ended poorly.
Wow. A whole 2 bucks an ounce.
(stock jump from Friday at 24.99 to around 27.33 early this AM).
Might close by Monday afternoon in low 30’s.
I am old enough to remember the Hunt Brothers trying to corner the silver market in the 80s,got up to $50 oz
The comment on this from someone closer to it that I is that the r/WSB crowd is in for GameStop with a side of AMC. Silver, not so much.
That said, I see little wrong with a few more specie enthusiasts being created. Every prepper should have a little in the bottom of the safe.
Buy low. Sell high. Now is not the time to buy. Wait a few days and then sell some of it. It will come in handy when inflation hits like a freight train.
WSB is off to American Airlines now.
You are all being played by the anti-capitalists.
They want to show you how the system can be manipulated....the answer, of course, is not freedom and capitalism, but more government control and socialism.
And millions are falling for it.
Topical online commentary from someone who appears to have some legal training:
Actually I was not implying what the Hedge funds were doing was legal - it is just far more likely the SEC will go after the small investors using Reddit, because they have posted the details of their conspiracy online. Prosecutors tend to go after the low hanging fruit - where the targets have made the evidence available, do not have the resources to mount a defense, and will likely plead guilty. That is how the US justice system works - prosecutors indict the people most likely to plead guilty because they do not have the money to hire expensive attorneys (hat is how all DAs and other government prosecutors get a 98% conviction rate - they simply do not go after anyone who can defend themselves). Alternatively, private civil attorneys tend to go after large well funded corporations because they can pay settlements. It all ends up being about money and who has it. If you are vunerable you are far more likely ending up as a target of criminal or civil prosecution by government than the executive of a large corporation that has big law firms and deep pockets. Whether or not the SEC goes after the small investors will depend far more on how much money they make, then on the letter of the law. If they end up losing money - they will very likely get a pass, if they actually make a lot of money - they will become a prime target. I know that sounds backwards, but it is the reality of the justice system - the little guys have the money to pay fines, but not defend.
Oh and by the way - there is no sush thing as a class action defense. Class action suits are civil suits brought by plantiffs. Defenses from a single law firm will depend on whether the firm sees some form of conflict of interest in defending multiple clients - this is why almost all conspiracy charges that involve multiple accused end up with everyone having their own lawyer.
I think you need to look up the definition of conspiracy in federal statutes. If a group gets to gether and discusses some illegal action (such as market manipulation) and then that action is actually taken and ends up being an illegal action - all the members of the discussion are potentially guilty of conspiracy for the actual illegal action - even if they did not do anything further to implement the illegal activity. Conspiracy is the legal basis for almost all federal prosecutions. Just like when a group gets together and discusses moving drugs across the border, but only one of the folks actually carries out the action - everyone in the original discussion can be prosecuted under conspiracy charges. See 18 U.S.C. 371 which outlaws conspiracy to commit some other federal crime not covered by specific criminal statues such as drug crimes. This law is intended to create a very wide net for anyone participating in illegal activity even when they take no overt action to further the illegal action. I agree, it is not likely the SEC/Justice will pursue everyone on the Reddit boards, unless they make a lot of money - then the $250,000 to $500,000 applicable fines plus confiscation of all ill gotten goods will start looking very attractive to federal prosecutors.]
Up 8.5% from mid $29.2 to $30.18(current)
Not much......normal fluctuations as now...
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