In silver, Redditors find a fit for raging against the establishment
Bloomberg/Jack Farchy, Eddie Spence and Eddie van der Walt
“The calls for a ‘short squeeze’ appear far fetched, given the market’s size and lack of any clear short position to target. But the sharp run-up in prices and massive surge in demand for coins over the weekend points to mounting interest in the precious metal among retail investors.”
USAGOLD note: The short squeeze may or may not materialize. The new-found interest in silver, though, as means to asset preservation in these precarious times is likely to remain. The Reddit situation seems to have unloosed a considerable amount of pent-up demand for the metal itself, not just ETF shares. Market watchers will take note …… Raging against the establishment is not at the top of the list for most precious metals investors. What does engage their interest, though, is enlisting protection against the mania raging in financial markets and the possibility of being aced out of physical metal ownership by the Reddit Rebellion – or some other version of social media frenzy.
Repost from 2-2-2021