Reddit Forum Sparks Physical Silver Shortage on Major Dealers’ Websites

by ratsmack • 5 years ago

30 27 5 years ago

klyrs2• 5 years ago

Shoot, I've got about a pound of the stuff in a box collecting dust. If it flashes up to $1000 an ounce, is there any realistic way to offload it for even half that price?

nickysielicki• 5 years ago

If it flashes to $1000 an ounce, you're not going to want to trade your silver for dollars, you're going to be too busy trying to empty your bank account to trade your dollars for anything.

klyrs2• 5 years ago

That's a stated goal for the squeeze. It's a supply-to-market issue, not indicative of long term demand or massive depreciation of the dollar that you seem to be implying. It's a good opportunity to sell, not a reason to run the bank.

On WallStreetBets, one user wrote in a highly-upvoted post they want to push up the price for an ounce of silver from around $25 to $1,000 in what they described as the “biggest short squeeze in the world.” The post was later deleted by moderators of the group.

COGlory• 5 years ago

Yes - I went through a phase in 2008 where I purchased some metals. Then I quickly had a realization that the forces at play were far too overwhelming for the measly amount of precious metals I could purchase to ever be meaningful. Sort of like that feeling you get when a big wave crashes right on top of you and pins you to the sand. The difference in power between yourself, no matter how built, strong, and good of a swimmer you might be, and the wave, are just so huge, that there really was never any point in trying to resist it anyways.

belorn2• 5 years ago

I must ask, why would the bank crash if silver changed its price significant in one direction or an other?

mensetmanusman• 5 years ago

A commodity that dissolves in nitric acid.

huac• 5 years ago

It's kind of a weird play, there is some but not that much speculative short interest: about 27% of contracts sold short by dealers, the rest are sold by miners hedging exposure [1]. There's probably silver held out of the market that is available to sell into the trend too, and the CFTC has a reputation for acting faster than the SEC. I'd be surprised if we come anywhere close to $1k, but I'm not gonna fight the flow.

[1] https://www.barchart.com/futures/commitment-of-traders/techn...

boublepop• 5 years ago

It’s not a weird play, it an absolutely run of the mill pump-n-dump scheme played out by a few people who are spamming Facebook, Twitter, TikTok and wallstreet bets with pitches like “this will be the next GME”, “make banks collapse, buy silver” etc.

The people who stand to gain will exit way before any real effects of shorts or limited supply even has the potential to play in. They are trying to capitalize on the GME media attention and willingness of inexperienced investors to throw money at anything because someone told it would “go to the moon” in a tweet or tiktok.

rualca2• 5 years ago

It’s not a weird play, it an absolutely run of the mill pump-n-dump scheme played out by a few people who are spamming Facebook, Twitter, TikTok and wallstreet bets with pitches like “this will be the next GME”, “make banks collapse, buy silver” etc.

More importantly, this farce seems to have been coordinated to target specifically redditors holding GameSpot stock to force them to sell out their positions.

The amount of sock puppet accounts coming out of the woodwork to post their first message with enthusiastic claims regarding how GME e out and silver is in is astonishing.

bunnyfoofoo2• 5 years ago

This link doesn't load for me.

Here's the original source: https://www.theepochtimes.com/reddit-forum-sparks-physical-s...

Please post the original in the future, if people need or want to use archive.is they can use it or find a comment with it.

cbm-vic-20• 5 years ago

That particular source is... questionable.

bunnyfoofoo2• 5 years ago

Yep, it's why having the original source linked here would be useful. Easy to quickly discount a link like this.

A better source is: https://www.bloomberg.com/news/articles/2021-01-31/silver-sp...

postalrat• 5 years ago

I wonder how soon till they discover how volatile the platinum family metals can be.

Scoundreller• 5 years ago

Yeah, silver is kinda big. A surprising target vs anything else.

prepend• 5 years ago

It’s curious because platinum is worth less than gold right now and I’m not sure why. It’s funny because years ago when looking for rings, my spouse and I chose platinum over yellow gold because of the color and it was quite a bit more. I wish I had bought white gold.

ojnabieoot• 5 years ago

I saw this going around on one of the main Reddit posts (maybe the one referenced in the article that was deleted):

Think about the Gainz. If you don't care about the gains, think about the banks like JP MORGAN you'd be destroying along the way.

The idea that this is going to make any meaningful impact on JP MORGAN is ridiculous and I suspect the person who wrote it is aware it's ridiculous. They are just out to screw people so they can make a quick dishonest buck.

Just like the real Wall Street, /r/WallStreetBets is full of horrible scumbags.

johnrgrace• 5 years ago

I'm a silverbug, I just like the stuff.

But there are some fringe ideas that float in the silver world. The market manipulation people are largely people who don't understand how commodity markets work. Yes big traders can push the market around a bit, but they do it to make money. This is a very different thing from GME.

Silver may go up, but I'd be pressed to see it crack $100 an ounce for more than a moment. Lots of stashed silver will flow into the market pushing the price downwards.

rualca2• 5 years ago

I would also add that reddit's wallstreetbets crowd has been pointing out that silver is a manipulation tactic to try to entice them out of gamespot's stock.

I have no idea where the truth lies, but it's patently obvious that right now there's an army of sockpuppet accounts, some with a single-post history since their creation years ago, who suddenly started to be very enthusiastic cheerleaders of the notion that everyone should sell GME and dump the cash on silver.

Interesting times.

ryanmercer4• 5 years ago

I'm a silverbug

narrows eyes I wonder if you're in the sub heh. If so, for the love of God please report any blah links/comments, I'm getting what I can over there but I'm up to about 4 hours a day now of pure moderating.

touisteur• 5 years ago

Is that 4 unpaid hours a day? That's some devotion. I'm not trying to be sarcastic...

ryanmercer4• 5 years ago

I'm a moderator of /r/silverbugs (same username) and I'm over this crap.

Our sub is for physical silver, for people that see silver as a hobby. Since Thursday morning I've been averaging about 4 hours of moderating a day just going through the moderation queue. I've personally banned hundreds of brand new/never before used accounts that only have post histories in subs related to this 'movement' and then come over to us to spam crap.

This morning I woke up and approved/removed posts in the queue for 39 minutes to empty it out. Went to the toilet and came back to 70 something new ones.

The sheer amount of blatant bot/disingenuous accounts spamming our sub for this 'movement' is insane. You'd think if they were going to spam the crap out of our sub with their nonsense, they'd at least buy me a cup of diet coke.

sigh I hope this ends soon.

httpsterio• 5 years ago

Hey, do you need a hand moderating? I'm currently running a 400k sub alone by myself and I get by with some nifty automod rules.

ryanmercer4• 5 years ago

Our problem with automod is, we already remove activity under a certain karma for manual approval to limit spam so now instead of 0-30 things a day, it's more like 2-3 thousand a day.

It does seem to be shifting though, I'd say about 90% of it is people genuinely trying to participate in the sub now, it was about 1% Thursday morning. I'm hoping we're at, or nearing, the peak as a lot of these accounts that are actively participating in harmony with what the sub is about will start hitting the karma threshold and no longer need manual approval for everything.

We've already onboarded another moderator to help today too, but thanks!

Reddit Forum Sparks Physical Silver Shortage on Major Dealers’ Websites

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