Since 2013, The Silver Price Of Redit Investors Has Reached A New High

2021-02-01   |   by CusiGO

Last week, reddit, a social network, and Gamestop, a game provider, turned their attention to the stock market drama of the commodity market, turning to the commodity market on Monday. A large number of minority investors began to buy silver, and the price of silver soared to more than $30 an ounce, a level never reached since 2013. After reddit users encouraged large-scale purchase of the metal, the price of the metal rose by 11.5%, leading to the collapse of the world’s major silver suppliers. With gametop playing a secondary role among bloggers, the U.S. chain’s share price plummeted to about 25%.

Last Thursday, when some reddit users began to release news that they would turn the crackdown on bearish investment funds to this metal, the price of silver began to rise. Silver prices have risen more than 15% since Wednesday. Before that, they had let Gamestop’s share price soar 1600% and filmmaker AMC’s share price rise 500%.

The world’s largest supplier of silver has been overwhelmed by a large number of orders and has had to postpone delivery or even stop sales. Money metals has published a notice on its website about the “extreme demand” for silver, limiting purchases to $1000 to $25000. Apmex, also an American company, said demand for the metal on Friday afternoon was six times its usual level and stressed that there were record new customers on Saturday alone, suggesting that many buyers had just landed in the industry.

“Physical silver is almost completely depleted in inventory,” said an executive at a multinational that sold silver to Bloomberg on Monday This was also confirmed on Monday by Alessandro Soldati of gold Avenue, Switzerland, where the phone has been ringing recently. “The demand is 10 times that of a normal Sunday. (…) everyone is calling us and saying, “I want to buy gold and silver as soon as possible.” However, gold prices remained stable, with little increase of 1% since Thursday.

Last week’s campaign launched at reddit to boost the listing of companies such as Gamestop, AMC or BlackBerry caused billions of dollars in losses in bearish funds, but not more than the impact of a new round of silver rally among these investors. Antoine Bouvet, strategist at ing, told Reuters: “from the perspective of market stability, it’s not an urgent issue yet, but we do see some sudden moves that could trigger Market deleveraging.” So far, they have only led to an increase in the market value of silver mining and trading companies, such as fresnello, a Mexican metal miner, which rose about 20% on Monday to become the UK’s leader in parquet flooring.

The shift to silver has led some users of reddit WallStreet bets to recently appeal to their partners to go back to their original ideas rather than give up their gametop shares. “We just need to stick to what we’ve been planning, stick to it! We didn’t go through last week’s blood bath, guys, come on! One user posted the article after Monday’s stock plunge in the video game store. As far as AMC is concerned, it has been rising on Monday, up more than 8%.