sarganaga Posted January 31, 2021 Posted January 31, 2021 WallStreetBets folk appear to be attacking silver shorts. https://www.zerohedge.com/markets/reddit-preparing-unleash-worlds-biggest-short-squeeze-silver Large precious metal dealers such as Apmex & Kitco who normally operate 24/7 are shut down with very large silver supply drawdowns Friday and Saturday. Anecdotally, the same appears to be true at most local dealers. The fun and games continue.
JRM Posted January 31, 2021 Posted January 31, 2021 I've been sort of following this. There is a ton of mis-information on the Reddit thread, and people think they are going to do damage to JP Morgan by buying silver. Whatever gets the job done.
clutch Posted January 31, 2021 Posted January 31, 2021 Actually bought SLV last week anticipating this... even if there is no run-up, not a bad asset to hold. I sort of saw the potential WSB run-up as a free option.
TwoCitiesCapital Posted January 31, 2021 Posted January 31, 2021 I, too, saw this news. Already owned silver call spreads, but rolled the short legs to higher strikes just in case if they're successful in pumping this
sarganaga Posted January 31, 2021 Author Posted January 31, 2021 I've had a soft spot in my investing heart for silver for a long time. I made my first serious money trading silver back in the 1970's during the Hunt brothers' silver exploits. I sold my futures contracts too soon and my junk silver too late, but still made life changing money for me at the time. I've owned a bit of coins and bars since the late 1990's. We'll see how this goes.
RadMan24 Posted February 1, 2021 Posted February 1, 2021 So I should sell my silver coins?! As a modest coin collector, I find that hard to do, but if we get some gme action in the silver market and it translates over to the coins, I might dabble with new found wealth lol
no_free_lunch Posted February 1, 2021 Posted February 1, 2021 Reddit WSB is saying that silver squeeze is a false narrative spread by someone trying to distract from GME. I would not buy silver hoping retail is behind you.
clutch Posted February 1, 2021 Posted February 1, 2021 Reddit WSB is saying that silver squeeze is a false narrative spread by someone trying to distract from GME. I would not buy silver hoping retail is behind you. So the inevitable infighting begins.
Gamecock-YT Posted February 1, 2021 Posted February 1, 2021 Reddit WSB is saying that silver squeeze is a false narrative spread by someone trying to distract from GME. I would not buy silver hoping retail is behind you. So the inevitable infighting begins. Bag holders starting to realize they are holdin’
TwoCitiesCapital Posted February 1, 2021 Posted February 1, 2021 Reddit WSB is saying that silver squeeze is a false narrative spread by someone trying to distract from GME. I would not buy silver hoping retail is behind you. So the inevitable infighting begins. Volume is up 10x today from normal. Retail is behind us. Secondly, while all these reddit posts are saying it's a scam by hedge funds who are long....I've found 4 very detailed write ups on WSB about going long silver to orchestrate a squeeze and all 4 are reddit accounts that have been active for 2-9 years. None of them are recent. Seems to me the narrative changed as soon as they found Citadel is long silver....but if Citadel was seeing order flow from Robinhood buying a shit-ton of silver, it makes sense that they got long silver to meet that demand as the primary market maker so who really knows what is going on All I know is doesn't matter if reddit is behind it or not. The MSM thinks they are and are pushing that story and so other people are buying with that expectation. Maybe other people buying is enough. I'm not looking for $100, but I think $40 oz is reasonable given where gold is presently trading and the outlook for negative real rates for the foreseeable future. This is why I've owned it for months to begin. I'm just hoping Reddit/MSM being enough attention to it that end point is realized sooner rather than later.
fareastwarriors Posted February 1, 2021 Posted February 1, 2021 Reddit WSB is saying that silver squeeze is a false narrative spread by someone trying to distract from GME. I would not buy silver hoping retail is behind you. So the inevitable infighting begins. Volume is up 10x today from normal. Retail is behind us. Secondly, while all these reddit posts are saying it's a scam by hedge funds who are long....I've found 4 very detailed write ups on WSB about going long silver to orchestrate a squeeze and all 4 are reddit accounts that have been active for 2-9 years. None of them are recent. Seems to me the narrative changed as soon as they found Citadel is long silver....but if Citadel was seeing order flow from Robinhood buying a shit-ton of silver, it makes sense that they got long silver to meet that demand as the primary market maker so who really knows what is going on All I know is doesn't matter if reddit is behind it or not. The MSM thinks they are and are pushing that story and so other people are buying with that expectation. Maybe other people buying is enough. I'm not looking for $100, but I think $40 oz is reasonable given where gold is presently trading and the outlook for negative real rates for the foreseeable future. This is why I've owned it for months to begin. I'm just hoping Reddit/MSM being enough attention to it that end point is realized sooner rather than later. SLV or physical or something else?
TwoCitiesCapital Posted February 1, 2021 Posted February 1, 2021 Reddit WSB is saying that silver squeeze is a false narrative spread by someone trying to distract from GME. I would not buy silver hoping retail is behind you. So the inevitable infighting begins. Volume is up 10x today from normal. Retail is behind us. Secondly, while all these reddit posts are saying it's a scam by hedge funds who are long....I've found 4 very detailed write ups on WSB about going long silver to orchestrate a squeeze and all 4 are reddit accounts that have been active for 2-9 years. None of them are recent. Seems to me the narrative changed as soon as they found Citadel is long silver....but if Citadel was seeing order flow from Robinhood buying a shit-ton of silver, it makes sense that they got long silver to meet that demand as the primary market maker so who really knows what is going on All I know is doesn't matter if reddit is behind it or not. The MSM thinks they are and are pushing that story and so other people are buying with that expectation. Maybe other people buying is enough. I'm not looking for $100, but I think $40 oz is reasonable given where gold is presently trading and the outlook for negative real rates for the foreseeable future. This is why I've owned it for months to begin. I'm just hoping Reddit/MSM being enough attention to it that end point is realized sooner rather than later. SLV or physical or something else? I've been rolling SLV call spreads since last spring and SLV volumes were what I was referencing.
no_free_lunch Posted February 2, 2021 Posted February 2, 2021 Reddit and WSB are not behind it. If you go to their site , every third article says it's a scan, if you want to buy silver the ticker is GME. If you want to buy silver, go for it. Maybe it's a good investment, great However it's not true that there is this Reddit crowd doing so which is what the article is saying. Yes there are write ups about silver but it didn't gain momentum. Someone else is behind this.
Gamecock-YT Posted February 2, 2021 Posted February 2, 2021 Reddit and WSB are not behind it. If you go to their site , every third article says it's a scan, if you want to buy silver the ticker is GME. If you want to buy silver, go for it. Maybe it's a good investment, great However it's not true that there is this Reddit crowd doing so which is what the article is saying. Yes there are write ups about silver but it didn't gain momentum. Someone else is behind this. People that missed out on GME that want the 'next' thing
TwoCitiesCapital Posted February 2, 2021 Posted February 2, 2021 Reddit and WSB are not behind it. If you go to their site , every third article says it's a scan, if you want to buy silver the ticker is GME. If you want to buy silver, go for it. Maybe it's a good investment, great However it's not true that there is this Reddit crowd doing so which is what the article is saying. Yes there are write ups about silver but it didn't gain momentum. Someone else is behind this. But last week, there were a half dozen of legitimate articles that were pro silver in WSB all talking about squeezing JPM. There has been a sentiment change/bifurcation on WSB once they realized that Citadel is long silver IMO. I don't buy the hedge fund manipulation narrative yet. Edit: I've gone back and looked at the users who posted the 4 that I could locate again. All 4 were reddit members for 2-9 years and active on other WSB threads. Not bots or new accounts like I've seen claimed (though that may be true for some of the commentaries on threads as opposed to starting the threads themselves). Seems to me that there was a legitimate push by WSB users to push silver that has only JUST been reversed/fought due to the realization Citadel owns like 1% of the SLV ETF. Unclear if that is in response to MM activities to field the demand for clients or if it's a prop position though.
clutch Posted February 2, 2021 Posted February 2, 2021 Reddit and WSB are not behind it. If you go to their site , every third article says it's a scan, if you want to buy silver the ticker is GME. If you want to buy silver, go for it. Maybe it's a good investment, great However it's not true that there is this Reddit crowd doing so which is what the article is saying. Yes there are write ups about silver but it didn't gain momentum. Someone else is behind this. How are you so sure? Sounds like someone who wants money tied to GME.
TwoCitiesCapital Posted February 2, 2021 Posted February 2, 2021 Also, would add there are a half dozen threads right now talking "stop buying silver guys! Citadel owns it" or "stop buying silver guys, it's a HF scam" which suggests that even some members of WSB believe that it's them buying it - probably because they saw the threads last week. One can never be certain with these decentralized systems, but just because the board seems against it today doesn't mean it wasn't the board buying it over the weekend b/c they weren't so against it last week.
Parsad Posted February 2, 2021 Posted February 2, 2021 Reddit and WSB are not behind it. If you go to their site , every third article says it's a scan, if you want to buy silver the ticker is GME. If you want to buy silver, go for it. Maybe it's a good investment, great However it's not true that there is this Reddit crowd doing so which is what the article is saying. Yes there are write ups about silver but it didn't gain momentum. Someone else is behind this. People that missed out on GME that want the 'next' thing Couldn't agree more! Is this board full of distressed value investors or now full of Reddit lemmings? If you are buying GME, Silver or anything else that may or may not be legitimately pushed by the Reddit longs...caveat emptor! As much as I am pleased that anyone or anything related to Steve Cohen was hurt by the Reddit longs, I'm equally concerned that common sense will go out the window and fundamental investors are suddenly becoming traders! Cheers!
Spekulatius Posted February 2, 2021 Posted February 2, 2021 Front running the Reddit/WSB crowd is the 2021 version of value investing.
LC Posted February 2, 2021 Posted February 2, 2021 distressed value investors or now full of Reddit lemmings Considering WSB's big win was Gamestop equity, wouldn't that mean both of the above? :D
shamelesscloner Posted February 2, 2021 Posted February 2, 2021 Reddit and WSB are not behind it. If you go to their site , every third article says it's a scan, if you want to buy silver the ticker is GME. If you want to buy silver, go for it. Maybe it's a good investment, great However it's not true that there is this Reddit crowd doing so which is what the article is saying. Yes there are write ups about silver but it didn't gain momentum. Someone else is behind this. Robert Kiyosaki seems to be pushing it pretty hard on Twitter!
Parsad Posted February 2, 2021 Posted February 2, 2021 Reddit and WSB are not behind it. If you go to their site , every third article says it's a scan, if you want to buy silver the ticker is GME. If you want to buy silver, go for it. Maybe it's a good investment, great However it's not true that there is this Reddit crowd doing so which is what the article is saying. Yes there are write ups about silver but it didn't gain momentum. Someone else is behind this. Robert Kiyosaki seems to be pushing it pretty hard on Twitter! I liked Kiyosaki's first two books...Rich Dad, Poor Dad and Cash Flow Quadrant. They were a couple of the earliest investment books I read after Peter Lynch's Beating the Street...which was a terrible book to learn how to invest in the stock market. But over the years, Kiyosaki's gone stir crazy...he's pretty nuts now! Although I would still recommend his first two books to new, young investors. Cheers!
Arski Posted February 2, 2021 Posted February 2, 2021 Reddit and WSB are not behind it. If you go to their site , every third article says it's a scan, if you want to buy silver the ticker is GME. If you want to buy silver, go for it. Maybe it's a good investment, great However it's not true that there is this Reddit crowd doing so which is what the article is saying. Yes there are write ups about silver but it didn't gain momentum. Someone else is behind this. Robert Kiyosaki seems to be pushing it pretty hard on Twitter! I liked Kiyosaki's first two books...Rich Dad, Poor Dad and Cash Flow Quadrant. They were a couple of the earliest investment books I read after Peter Lynch's Beating the Street...which was a terrible book to learn how to invest in the stock market. But over the years, Kiyosaki's gone stir crazy...he's pretty nuts now! Although I would still recommend his first two books to new, young investors. Cheers! A little of topic but how do you mean terrible book? 'One up on wall street' is one of my favorite books and was planning to read 'Beating the Street' one day.
Parsad Posted February 2, 2021 Posted February 2, 2021 Reddit and WSB are not behind it. If you go to their site , every third article says it's a scan, if you want to buy silver the ticker is GME. If you want to buy silver, go for it. Maybe it's a good investment, great However it's not true that there is this Reddit crowd doing so which is what the article is saying. Yes there are write ups about silver but it didn't gain momentum. Someone else is behind this. Robert Kiyosaki seems to be pushing it pretty hard on Twitter! I liked Kiyosaki's first two books...Rich Dad, Poor Dad and Cash Flow Quadrant. They were a couple of the earliest investment books I read after Peter Lynch's Beating the Street...which was a terrible book to learn how to invest in the stock market. But over the years, Kiyosaki's gone stir crazy...he's pretty nuts now! Although I would still recommend his first two books to new, young investors. Cheers! A little of topic but how do you mean terrible book? 'One up on wall street' is one of my favorite books and was planning to read 'Beating the Street' one day. There was no intellectual framework in how to select stocks. It was full of discussions about how Lynch selected individual stocks, groups of stocks...alot of it based on "buy what you know". When I tried to invest using his methods, it was pure luck...half the time I made some money, half the time I lost money. It worked for him, but none of it could be duplicated! I finally woke up when I read Buffett's Letters, "The Intelligent Investor", and finally "Securities Analysis". That's when my batting average finally started to improve and the fundamental way I selected stocks was consistent, methodical and would work for the rest of my life. I got far much more value out of just reading 10-Q's and 10-K's in my first six months, than I did from Lynch's book. Kiyosaki's books were good in just changing my mindset in how to invest, why buy businesses, and to create passive income. But Ben Graham's books and Buffett's Letters changed my life forever! I will be eternally grateful to them! Cheers!
JRM Posted February 2, 2021 Posted February 2, 2021 Interview from last October with Andy Schectman. He lays out the bull case for silver. Some of this was regurgitated by the WSB Reddit board before those posts got deleted. https://podcasts.apple.com/us/podcast/quoth-the-raven-227-andy-schectman/id1348446973?i=1000496287278
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