Anyone participating in the GameStop short squeeze?
Games are being played with SLV. Citadel is a huge holder of SLV. They may be indirectly pumping it to relieve their pain on CME.
January 31, 2021, 01:59 PM
RogueJSK
quote:
Originally posted by FishOn: Games are being played with SLV. Citadel is a huge holder of SLV. They may be indirectly pumping it to relieve their pain on CME.
Entirely possible. The whole $GME situation has shown that social media-driven manipulation/influencing of the markets and the investors involved can be a powerful tool, and even if they were caught off guard initially, you can be sure the big guys have taken note of it and will be using it to their profitable advantage going forward.
Much like businesses paying off an Instagram "influencer" to generate hype for their products and increase profits, Reddit investing "influencers" could be similarly compensated to hype a certain stock or other investment to increase profits.
If that's the case, everyone piling on the bandwagon to "stick it to The Man" (one or more hedge funds or businesses) could very well be simply dancing to the tune being played by The Other Man (one or more other businesses)...
January 31, 2021, 02:21 PM
TXJIM
quote:
Originally posted by FishOn: Games are being played with SLV. Citadel is a huge holder of SLV. They may be indirectly pumping it to relieve their pain on CME.
Yes, and GME/Citadel was a small fish compared to JP Morgan and the other banking interest that are the target of the silver squeeze. Citadel trying to ride SLV out of their GME hole will slingshot the squeeze on silver. If this was the plan all along it was brilliant
______________________________ “I'd like to know why well-educated idiots keep apologizing for lazy and complaining people who think the world owes them a living.” ― John Wayne
January 31, 2021, 02:27 PM
TXJIM
quote:
Originally posted by TXJIM:
quote:
Originally posted by RogueJSK:
quote:
Originally posted by TXJIM: I have no problem linking to it.
The only thing still available is the Comments. The content of the initial post is gone, and is instead now just marked [removed].
This is apparently a screenshot of what it had before:
Gotcha, I find the layout of Reddit a little chaotic so I missed that.
This appears to be the replacement for the deleted OP on Reddit.
______________________________ “I'd like to know why well-educated idiots keep apologizing for lazy and complaining people who think the world owes them a living.” ― John Wayne
January 31, 2021, 02:32 PM
SigSentry
The Great Silver Crisis?
January 31, 2021, 02:36 PM
braillediver
Any chance this barn burning gets out of hand and becomes a wild fire? IMHO our finances are precarious and in uncharted waters to begin with.
quote:
If not handled well, this could have much broader effects, especially because the nonbank segment of the financial system has been in an unprecedented period of rapidly rising debt, leverage and risk-taking, aided and abetted by too many years of excessive policy reliance on experimental central bank measures and regulatory/supervisory gaps.
The butcher with the sharpest knife has the warmest heart.
January 31, 2021, 02:41 PM
FishOn
quote:
Originally posted by braillediver: Any chance this barn burning gets out of hand and becomes a wild fire? IMHO our finances are precarious and in uncharted waters to begin with.
quote:
If not handled well, this could have much broader effects, especially because the nonbank segment of the financial system has been in an unprecedented period of rapidly rising debt, leverage and risk-taking, aided and abetted by too many years of excessive policy reliance on experimental central bank measures and regulatory/supervisory gaps.
So is it SLV, or SLV calls, or PSLV, or PSLV calls?
January 31, 2021, 09:02 PM
tatortodd
quote:
Originally posted by smschulz: SLV would be wonderful, already have a position in it. GO SLV!!!!
+1. Got back into SLV last spring when I realized that COVID was going to be long-term.
Ego is the anesthesia that deadens the pain of stupidity
DISCLAIMER: These are the author's own personal views and do not represent the views of the author's employer.
January 31, 2021, 10:37 PM
SigSentry
A huge uptick in SLV calls may force JPM to prove they have the silver. And since JPM has a major short position they would have to cover their position on the quickly evaporating open physical market. Just a thought. Jaime Dimon isn't going to sleep much this week.
Looks like the run on physical silver is intensifying. Spot is up $2 since close on Friday, and the online bullion sellers are reporting low inventory and a high volume of buyers. Online retail premiums on coins are up to roughly +50% over spot on a 1 oz coin, compared to the usual ~10%.
As of Sunday, demand over the weekend at the largest online silver dealer was reportedly "six times a typical business day and more than 12 times a normal weekend day". I suspect that will be even higher today, as the news is starting to hit the wider media.
February 01, 2021, 08:13 AM
Lt CHEG
I just bought $200 worth of SLV and PSLV. My primary investment strategy remains my thrift savings plan, but I look at this as an investment in entertainment. If it increases in value, maybe I will increase my position, if it goes to zero then I won’t mind either. I look at this as an opportunity to flex a little muscle as a retail investor and take a little power away from the financial engineers who throw their weight around with impunity.
“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”
February 01, 2021, 08:44 AM
apprentice
Had a couple bucks laying around in the IRA that I just put into SLV.
What is the limit on physical bullion/numismatic trades without having to report them? Is it a federal thing or can it vary by location?
February 01, 2021, 08:50 AM
Hildur
When your Grandmother, hairdresser, bartender starts giving investment advice it's time to exit.
Congrats to those who profited with GME. Only suckers buy when it already 10x. GME had shitty financials before this nonsense and it still has shitty financials now.
Gravity always wins and wait until the panic selling begins when dreams of $500 or $1000 turns into selling at $200, $150, $100 and lower.
The greatest trick the stock market ever pulled was telling people to only "play" with money they can afford to lose. It's psychology 101: tell people they should expect to lose it all so when they do they'll just accept it.
Wall Street loves it when the little guy wants to send a message. Sending a message is giving them free money and that's all they care about.
If WallStreetBets or other groups of investors want to do a silver squeeze, they won't be able just to concentrate their efforts on iShares Silver Trust. Only by squeezing the entire physical silver bullion market could they hope to raise prices above the board and take away the escape valve of arbitrage-based share creation. That's a much larger and more challenging operation...
Meanwhile, that's apparently precisely what they're attempting currently, with what appears to be a decent amount of momentum in the early stage. Physical silver inventory worldwide is reportedly very low, and dropping. If what they say is accurate, the "silver gurus" in the Youtube videos posted on previous pages claim that there's roughly $500 million in physical silver bullion available total, which isn't all that much in the grand scheme of the worldwide financial system.
(But as I mentioned previously, it's likely only a matter of time before the silver price gets enticing enough that the heirloom silver spoons, unused jewelry, and dusty old silver coins start getting pulled from drawers by hordes of regular folks and taken down to the bullion dealers to sell, thus reintroducing a larger supply. Just like we've seen in prior silver/gold runs. So it's probably unlikely to work in the long term. But it could still provide a modest short-term boost, especially to those who have a little silver and are struggling financially.)
February 01, 2021, 09:23 AM
Gustofer
Kitco's site is slower than all get out this morning. Lots of people watching this one.
Come on baby. Daddy needs a new pair of shoes.
________________________________________________________ "Great danger lies in the notion that we can reason with evil." Doug Patton.
February 01, 2021, 09:24 AM
RogueJSK
quote:
Originally posted by Gustofer: Kitco's site is slower than all get out this morning.
You should have tried Apmex this weekend.
February 01, 2021, 09:27 AM
apprentice
For what it's worth, I just got an email from APMEX detailing their reasoning behind no longer selling silver from the website for the time being.
Oh, they say they have X amount, but that it's really been hard for them to find any more since the weekend. I'm paraphrasing obviously, but that's essentially it.
And I apologize for continuing the thread drift from GME, but this seemed timely and relevant.
February 01, 2021, 09:28 AM
RogueJSK
quote:
Originally posted by apprentice: And I apologize for continuing the thread drift from GME, but this seemed timely and relevant.
I don't necessarily see it as much as a drift, as "GME 2.0". Or the continuation of an overall "Hey, check out what those crazy bastards at WallStreetBets are up to now!" theme.
February 01, 2021, 09:42 AM
FishOn
Anyone who sold the early gap on SLV is doing fine.
