A lot is written about the importance of silver for the “green energy” revolution.
So it seems likely that this is going to be more than a little interesting…..
Silver surged by over 5% last night helped, it seems, in no small part by the now infamous WSB or WallStreetBets reddit group that saw the likes of GameStop shares surge by 1700% in days. Their headline is “THE BIGGEST SHORT SQUEEZE IN THE WORLD $SLV Silver $25 to $1000”. Trade in our Silver Standard (AGS) silver backed tokens last night on CoinSpot was huge. So what is WSB about?
WSB are a reddit community of over 2m who both capitalistically and simultaneously altruistically bid in a coordinated manner heavily shorted shares such as GameStop. Loved by participants and cheerleaders for the ‘little guy’ and equally loathed by Wall St hedge fund managers getting whacked and their guardian SEC, they have proven the power of the internet forum and use of platforms like Robinhood. When we say ‘altruistically’, they have tended to favour companies dear to their heart like GameStop or hurt by COVID like AMC movie theatres. Silver, rather than gold, is often the preferred metal for such investors given the relative technical upside potential and it being the ‘everyday person’s metal’ along with the added background narrative of its price being suppressed by the Wall Street short sellers.
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