{"id":3417,"date":"2021-02-01T10:07:20","date_gmt":"2021-02-01T10:07:20","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=3417"},"modified":"2021-02-01T10:07:20","modified_gmt":"2021-02-01T10:07:20","slug":"silver-surges-as-reddit-army-turns-to-commodities","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/01\/silver-surges-as-reddit-army-turns-to-commodities\/","title":{"rendered":"Silver surges as Reddit army turns to commodities"},"content":{"rendered":"<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>Silver rose by more than 10% to $29.74 an ounce, its highest value since mid-August.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>The moves are the latest example of small-time traders buying stocks and other assets that large Wall Street funds bet against, resulting in large losses for major investors.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>Some users in the Reddit forum Wall Street Bets argued that silver is a heavily manipulated market, and a surge in the silver price could hurt large financial services companies.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>&#8220;Think about the Gainz. If you don&#8217;t care about the gains, think about the banks like JP Morgan you&#8217;d be destroying along the way,&#8221; said Reddit user RocketBoomGo, in a widely circulated post.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3418\" src=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Value-of-silver-surges-as-Reddit-army-behind-GameStop-switches-scaled-rapidnews-rapid-news-dailyrapidnews.jpg\" alt=\"Value-of-silver-surges-as-Reddit-army-behind-GameStop-switches-scaled-rapidnews-rapid-news-dailyrapidnews\" width=\"700\" height=\"395\" srcset=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Value-of-silver-surges-as-Reddit-army-behind-GameStop-switches-scaled-rapidnews-rapid-news-dailyrapidnews.jpg 700w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Value-of-silver-surges-as-Reddit-army-behind-GameStop-switches-scaled-rapidnews-rapid-news-dailyrapidnews-300x169.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>The recent GameStop surge, which was also fuelled by amateur investors, was also seen as a revolt against large institutional investors.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>Unlike GameStop, which was a loss-making gaming retailer that many investment funds had bet against, silver has seen strong growth over the past year.<\/p>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>&#8220;There is this curious situation now where the Reddit crowd has turned its sights on a bigger whale in terms of trying to catalyse something of a short squeeze in the silver market,&#8221; said Kyle Rodda, an analyst at brokerage IG Markets in Melbourne.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>&#8220;There&#8217;s a lot of commentary on these platforms to pile into the miners.&#8221;<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>Silver prices are up sharply since Wednesday&#8217;s close, around the time when messages began circulating on forums such as Reddit encouraging users to buy the metal and drive up prices.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>But Hussein Sayed, chief market strategist at FXTM, said influencing the price would not be as simple as it was with GameStop.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>&#8220;Silver&#8217;s market cap is in the range of $1.4 trillion to $1.6 trillion as opposed to GameStop&#8217;s $1.5 billion before becoming the target of retail investors and a large proportion of the market is off-exchange.&#8221;<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>He added: &#8220;Retail traders who are just following the herd and join the party late may accumulate huge losses and need to be more rational in their decisions.&#8221;<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-mysbf6-ComponentWrapper-CrossheadComponentWrapper e1xue1i84\" data-component=\"crosshead-block\">\n<h2 class=\"ssrcss-qozapo-StyledHeading e1fj1fc10\">Massive losses for Melvin<\/h2>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>The latest surge comes as the damage to one Wall Street firm becomes clearer.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>Hedge fund Melvin Capital lost 53% of its value towards the end of January, according to media reports.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>The firm received commitments for fresh cash from investors at the end of the month, leaving it with $8bn (\u00a35.8bn) in assets, but that was still down from $12.5bn at the beginning of 2021, according to Reuters.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>The firm had bet that GameStop&#8217;s stock, which traded at less than $5 five months ago, would fall further.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<p>But retail investors, comparing notes on social media platform Reddit, bought the stock and sent it higher to close at $325 on Friday.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Silver rose by more than 10% to $29.74 an ounce, its highest value since mid-August.<\/p>\n","protected":false},"author":1,"featured_media":3419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-3417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Value of Silver Surges, Reddit Army Behind GameStop | Rapid News<\/title>\n<meta name=\"description\" content=\"Silver rose by more than 10% to $29.74 an ounce, its highest value since mid-August.The moves are the latest example\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/01\/silver-surges-as-reddit-army-turns-to-commodities\/\" \/>\n<meta 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href=\"https:\/\/dailyrapidnews.com\/eng\/category\/business\/\" rel=\"category tag\">Business<\/a>","tag_info":"Business","comment_count":"0","jetpack-related-posts":[{"id":10719,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/05\/17\/precious-metal-is-reliable-hedge-against-inflation\/","url_meta":{"origin":3417,"position":0},"title":"Precious metal is reliable hedge against inflation","date":"May 17, 2021","format":false,"excerpt":"Gold prices continue to rise amid fears of post-COVID inflation and growing geopolitical tensions, with financial experts predicting that it will reach $1,850\/oz in the next few weeks and push prices to $2,000 in the second half of the year. Is it time to hoard bullion? The Friday spike in\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"gold-and-silver-american-eagle-coins-precious-metal-is-reliable-hedge-against-inflation","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/05\/gold-and-silver-american-eagle-coins-precious-metal-is-reliable-hedge-against-inflation-dailyrapidnews-e1621245150910.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":5093,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/22\/30000-macs-infected-with-new-silver-sparrow-malware\/","url_meta":{"origin":3417,"position":1},"title":"30,000 Macs infected with new Silver Sparrow malware","date":"February 22, 2021","format":false,"excerpt":"Named\u00a0Silver Sparrow, the malware was discovered by security researchers from Red Canary and analyzed together with researchers from Malwarebytes and VMWare Carbon Black. \"According to data provided by Malwarebytes, Silver Sparrow had infected 29,139 macOS endpoints across 153 countries as of February 17, including high volumes of detection in the\u2026","rel":"","context":"In &quot;Tech&quot;","img":{"alt_text":"silver-sparrow-30,000-Macs-infected-with-new-Silver-Sparrow-malware-dailyrapid-rapidnews-rapid-news","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/silver-sparrow-30000-Macs-infected-with-new-Silver-Sparrow-malware-dailyrapid-rapidnews-rapid-news.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":8350,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/06\/gold-prices-fell-to-one-year-low-last-week-but-today-at-one-month-high\/","url_meta":{"origin":3417,"position":2},"title":"Gold prices fell to one-year low last week but today at one-month high","date":"April 6, 2021","format":false,"excerpt":"Gold\u00a0and\u00a0silver prices\u00a0are moderately up in early U.S. trading Tuesday, on some short covering in the futures market and perceived value buying in the cash market. Both metals\u2019 near-term technical postures have also improved just a bit recently. Still, gains in the metals are likely to be capped at present as\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"gold_silver-Gold-silver-see-price-advances-on-short-covering-value-buying-rapidnews-dailyrapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/04\/gold_silver-Gold-silver-see-price-advances-on-short-covering-value-buying-rapidnews-dailyrapidnews-e1617717174384.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":20734,"url":"https:\/\/dailyrapidnews.com\/eng\/2024\/12\/12\/gold-per-tols-prices-surge-in-pakistan-reaches-rs282800\/","url_meta":{"origin":3417,"position":3},"title":"Gold per tols prices surge in Pakistan; reaches Rs282,800","date":"December 12, 2024","format":false,"excerpt":"Gold prices have seen a significant increase in Pakistan, with the price of 24kt gold per tola rising by Rs. 2,300, reaching Rs. 282,800 as of today, December 12, 2024. The surge follows recent fluctuations in the global and local markets. For smaller quantities, the price of 24kt gold per\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2024\/12\/a-31.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":17586,"url":"https:\/\/dailyrapidnews.com\/eng\/2022\/05\/30\/rain-is-expected-to-fall-on-most-days-in-the-uk\/","url_meta":{"origin":3417,"position":4},"title":"Rain is expected to fall on \u2018most days&#8217; in the UK,","date":"May 30, 2022","format":false,"excerpt":"Rain is expected to fall on \u2018most days' in the UK, threatening the Jubilee Bank Holiday. The Met Office has released its most accurate Platinum Jubilee forecast to date - and it's not good. Early forecasts suggested that the upcoming Bank Holiday weekend could be the hottest of the year,\u2026","rel":"","context":"In &quot;international&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1953,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/01\/19\/gold-sold-at-rs112550-per-tola-in-pakistan-on-january-19\/","url_meta":{"origin":3417,"position":5},"title":"Gold sold at Rs112,550 per tola in Pakistan on January 19","date":"January 19, 2021","format":false,"excerpt":"A single tola of 24-karat gold in Pakistan was sold for Rs112,550 on Tuesday, January 19, at the opening of the bullion market. Likewise, 10 grams of 24k gold was sold for Rs96,493 at the opening of trading. According to the data released by the All Sindh Saraf Jewellers Association,\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Gold-sold-for-Rs113300-per-tola-on-January11-rapidnews-rapid-news","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/Gold-sold-for-Rs113300-per-tola-on-January11-rapidnews-rapid-news.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/3417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/comments?post=3417"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/3417\/revisions"}],"predecessor-version":[{"id":3420,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/3417\/revisions\/3420"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/3419"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=3417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=3417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=3417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}