Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “I am not sure how well this new Reddit trading strategy will fare in futures markets and especially the notoriously volatile commodity markets.” “It is a dramatically different market setup,” Fitzmaurice said. Hedge funds and other institutional investors had been bullish on silver futures and the precious metal was trading near multi-year highs. However, unlike GameStop and other unloved stocks targeted by WallStreetBets, silver futures have been strong of late. “It’s not surprising to see the sharp and abrupt uptick in consumer demand overwhelm the physical supply of silver coins held by dealers in the short term,” Ryan Fitzmaurice, a commodities strategist at Rabobank, told CNN Business in an email. Similar notices were posted by Money Metals and other websites. SD Bullion warned that “due to unprecedented silver demand” it would also be unable to accept orders until Sunday evening. “Due to unprecedented demand on physical silver products, we are unable to accept any additional orders on a large number of products, until global markets open Sunday evening,” APMEX, which calls itself the world’s largest online retailer of precious metals, wrote in a notice atop its website. Inside the Reddit army that's crushing Wall Street Leading retail sites posted warnings over the weekend that they faced heavy demand. “If silver market is proven to be fraudulent, you better believe gold market will be next,” Cameron Winklevoss tweeted. “The #silversqueeze is a rage against the machine,” Tyler Winklevoss tweeted. The Winklevoss twins, who famously sued Facebook’s Mark Zuckerberg and were early backers of bitcoin, both tweeted support for the push by WallStreetBets into silver. Several noted that JPMorgan paid a record $920 million fine last year to settle charges that itĮngaged in manipulative trades of futures tied to precious metals as well as Treasuries. Another claimed JPMorgan Chase has been “suppressing metals for a long time. “SLV will destroy the biggest banks, not just some little hedge funds,” one WallStreetBets user wrote. Last week the group appeared to set its sights on silver. Robinhood, the free-trading app, came under fire after restricting trades in GameStop (AMC) and other heavily shorted stocks skyrocketing last week, roiling markets and crushing some hedge funds that had bet against those stocks. The moves provide another example of the power of a group that has captivated Wall Street and Main Street: WallStreetBets. (CDE) rallied more than 20%, while Pan Am Silver Shares of precious metals miner Coeur Mining In more recent trading, silver futures were up about 9%. “We actually don’t know who all the players are in all this - whether there’s big money on both sides,” Warren told CNN. Senator Elizabeth Warren raised this concern Sunday as she called for the SEC to investigate. 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.” “The Silver Squeeze is a hedge-fund coordinated attack so they can keep fighting the $GME fight,” one thread was titled. In fact, some posts on WallStreetBets late Sunday and Monday suggested their movement is being co-opted by hedge funds and there is no coordinated effort in the silver market. The George Washington Statue at the Federal Hall National Memorial on Wall Street across the New York Stock Exchange.
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