Keyword: reddit
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It's been a long time coming, but for precious metal fans the day of joy has finally arrived: following a coordinated campaign to buy both silver ETFs in the paper realm and precious metals in the physical, which over the weekend which left virtually US precious metals retailer with little to no physical inventory, silver has finally exploded higher following in the footsteps of other "most-shorted" names, and it was last trading just around $30/ounce, soaring by 11.5% - its biggest one-day jump since Sept 16, 2008 - the day Lehman filed for bankruptcy. And, if silver closes here, it...
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There’s nothing more tiresome than hackneyed references to The Matrix, except for the constant propaganda we’re hosed down with by the Establishment and its media lackeys about how everything is groovy in our totally free, free enterprise paradise of freedom and happiness and more freedom. Some of us have been woke for a while, having realized the undeniable truth that the system is rigged for the benefit of a garbage ruling class, whose sole accomplishment is to perpetuate a paradigm in which they maintain power and prestige by controlling institutions they didn’t create or build. Instead, they are cultural trust...
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Update: Top users on the Reddit WallStreetBets forum have called on others not to purchase silver, or SLV, saying that it could benefit Citadel LLC, while calling on others to purchase and hold GameStop and related stocks.Earlier Update: Top bullion dealers are encountering shortages.–A number of Reddit users on the popular r/WallStreetBets forum have said they are planning to launch a coordinated effort to target silver as their next short-squeeze target.Posts encouraged individuals to use the IShares Silver Trust, the largest silver exchange-traded fund, and carry out what one user called the “BIGGEST SHORT SQUEEZE IN THE WORLD.”“Silver Bullion Market...
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The story of some Reddit investors on a board called Wall Street Bets crushing a hedge fund has tapered off as the weekend has carried on, though they are promising to resume their mission when trading opens on Monday. RedState has covered the story extensively, including how they targeted GameStop (among other stocks) after Wall Street got way out over their skis shorting the stock in hopes of profiting off its demise (see Reddit Trolls Beat the Stock Market, and the Elites Are Really, Really Mad).Whatever your moral opinions on short sellers and hedge funds may be, watching a bunch...
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Update (1100ET): For some background on just how unprecedented this weekend's action in silver markets is, Tyler Wall, the CEO of SD Bullion writes the following (emphasis ours): In the 24 hours proceeding Friday market close, SD Bullion sold nearly 10x the number of silver ounces that we normally would sell in an entire weekend leading to Sunday market open. 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). However, everyone...
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APMEX prices started rising by the minute two hours ago and they are now out of stock on all significant silver coins. Available rounds if you can find them are now priced at double to triple the spot price. A coordinated attack against JP Morgan and other silver market manipulators was proposed on Reddit on Friday. The link above goes to junk silver. BullionUS MintThe action now appears to be spreading to Gold somewhat
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Matt Taibbi In the fall of 2008, America’s wealthiest companies were in a pickle. Short-selling hedge funds, smelling blood as the global economy cratered, loaded up with bets against finance stocks, pouring downward pressure on teetering, hyper-leveraged firms like Morgan Stanley and Citigroup. The free-market purists at the banks begged the government to stop the music, and when the S.E.C. complied with a ban on financial short sales, conventional wisdom let out a cheer. "This will absolutely make a difference," economist Peter Cardillo told CNN. "Now, if there is any good news, shorts will have to cover.” At the...
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An analysis of the losses incurred by hedge funds in the GameStop crusade launched by retail investors indicates that the "short squeeze" has cost short sellers as much as $19 billion already. Data provider Ortex said that according to their analysis provided to Business Insider, those targeted by the "short squeeze" operation by members of a Reddit investment group were headed towards losing as much as $19 billion. And that's only by the end of Friday.
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Secretary of the Treasury Janet Yellen has come under fire after it was revealed she received payments from a Wall Street hedge fund known as Citadel LLC, which may have played a role in Robinhood’s decision to cancel purchases of shares in retail companies. According to Yellen’s public financial disclosures, she was paid over $800,000 to give speeches to Citadel. Some may wonder why this is significant even after White House press secretary Jen Psaki called Yellen one of the world’s leading experts on economics. “Separate from the GameStop issue, the Secretary of the Treasury is one of the world...
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The rules here are simple: Heads Wall Street wins, tails you lose.For those who haven’t heard, there’s a bit of a brouhaha brewing with the video game retailer GameStop, which is publicly traded. Much of Wall Street soured on the company, believing it to be the next Blockbuster or Radio Shack: a dinosaur from a bygone era that has no hope of succeeding in the increasingly internet-run future. As a result, a major Wall Street hedge fund worth billions decided to make a bet that the company’s already low stock price would just keep going lower. The traditional way to...
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Jon Stewart was prompted to join Twitter on Thursday to defend the renegade Reddit traders who turned Wall Street upside down this week. The former “Daily Show” host hit back at critics of the rogue day traders who used WallStreetBets to send GameStop’s stock skyrocketing in defiance of large hedge funds shorting the business. “This is ********. The Redditors aren’t cheating, they’re joining a party Wall Street insiders have been enjoying for years,” Stewart tweeted.
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After Menlo Park, California Based Broker-Dealer Robinhood restricted trading and cost many of their retail investors any gains they might have made as they tried to save GameStop from a prospective short, the investors were furious that the company stopped their free market trading. The investors have now filed multiple lawsuits against Robinhood, as we reported, claiming Robinhood was trying to manipulate the market and protect the hedge funds. But they tried to strike back at Robinhood in another way, with giving them a slew of one star reviews in the Google Play Store. More than 100,000 such reviews flooded...
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I remember despising the 2015 movie The Big Short for its cavalier representation of what was truly terrible carnage. Like many, the 2008 shorting of mortgage stock, and the pooling of solid mortgages with garbage ones, was devastating on the economy, and upended people’s lives. This is probably why what they have sought to do to us during the pandemic hasn’t completely taken me by surprise; I have already been chewed up by someone’s idea of gaming system.Between 2008-2010, my husband and I had lost two residences, our jobs, and our lives were reduced to our two dogs and what...
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Reports are coming in that Robinhood, the stock broker app, is forcibly selling shares of GameStop on behalf of some of its users. The transactions cannot be canceled and it is being positioned as mitigating “unreasonable risk” on behalf of the company as well as the investor. Billionaire hedge funds have been taking a huge hit after a Reddit group started buying up GameStop shares in an effort to counter a massive amount of short positions. This prompted a “short squeeze” that sent the stock skyrocketing. As the dominos fell, GameStop reached a high of over $400 dollars per share,...
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Newly-confirmed Treasury Secretary Janet Yellen received around $810,000 in speaking fees from the hedge fund that bailed out one of the primary losers in the recent Gamestop frenzy. Yellen's financial disclosure shows her making $337,500 for multiple days in Oct. of 2020 from Citadel. She similarly banked $292,500 in October of 2019 and $180,000 in December of that year.
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A subreddit, r/WallStreetBets, has caused mass hysteria in the financial markets as many hedge funds and Wall Street elites have lost billions as a result of their GameStop play. Was what they did “market manipulation?” Absolutely. Is that inherently wrong or even illegal. Absolutely not.Briefly, members of the subreddit noticed that most of the active shares for GameStop were in a short position, meaning hedge funds were betting that the stock price would drop dramatically, making them a lot of money. So, the Redditors put out the word to buy Gamestop stocks and drive the price up. It worked. One...
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The craziest financial story of the week has got to be GameStop stock’s meteoric rise from $6 a share to $340 a share overnight. It all began when Melvin Capital hedge-fund managers decided to short GameStop, betting the stock would fall. But a lot of retail investors viscerally hate billion-dollar hedge-fund managers who make a living manipulating the stock market and driving small investors out of the game.The investors on Reddit’s “Wall Street Bets” page got together to buy, buy, buy GameStop and drove the stock way up, costing Melvin Capital billions of dollars. You could say it was a...
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American Airline stock is up in premarket trading Thursday and GameStop rose again following a Reddit campaign to boost the shares that drew outrage from Wall Street. Amid the buying frenzy, the popular trading app Robinhood halted the ability of users to purchase new shares of GameStop on the mobile app, drawing outrage from the Reddit group that touted the stock. Robinhood on Thursday morning displayed an alert telling users who owned GameStop that they could sell the stock, but not buy it. Other users saw the message 'This stock is not supported on Robinhood.'
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Update: The Reddit subgroup WallStreetBets is back up this evening. What an amazing story! Reddit shut down its WallStreetBets subreddit page on Wednesday afternoon after rookie stock market investors in the general public joined together to purchase stock in targeted companies causing a major disruption in the stock market and resulting in several hedge funds to go bust. Of course, Reddit blamed “racism” and “hate speech” for removing the community. According to The Verge, Discord has banned the r/WallStreetBets server. Reddit’s WallStreetBets subreddit is the driver of an unprecedented rally of GameStop stock, and has received a great deal of...
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Wall Street traders and hedgefunds are currently very upset, as the “unwashed masses” lose them billions in a short squeeze of GameStop and other stocks.Users of the subreddit r/WallStreetBets are fighting back against the multi-billion dollar hedgefunds in a rather creative way. GameStop became one of the most shorted stocks on Wall Street last week, after a newsletter from a short seller, Andrew Left of Citron Capital, encouraged people to short the company. Gamestop had a short interest of 102% of its shares, making it one of the most shorted on the market.To “short” a company is to bet on...
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