New York, USA (CNN) – Reddit’s craze also appears to have affected the precious metals market, as silver futures rose 8.5% above $ 29 on Sunday evening, touching their highest levels in 5 months, while metal selling sites warned clients within The weekend of its inability to meet the growing demand for bullion and silver coins.
The rise represents the strength of a group that recently captured Wall Street and Main Street, “WallStreetBets,” as the Reddit forum raised the price of GameStops, AMC, and other stocks, which were largely sold last week, leading to turmoil. The markets have crushed some of the hedge funds that bet against those stocks. The free trading app “Robin Hood” was severely criticized after trading was restricted on “Game Stop” and other companies.
The WallStreetBets folks set their sights on the silver and the iShares Silver Trust ETF last week, while some suggested it could be a way to hurt the major banks that they think are artificially cutting prices.
One WallStreetBets user wrote that the iShares Silver Trust ETF will destroy the biggest banks, not just some small hedge funds, while another claimed that JPMorgan Chase has been “suppressing minerals for a long time”.
Several users also indicated that JP Morgan paid a record $ 920 million fine last year to settle a case they accused of being involved in manipulating futures trading related to precious metals as well as Treasury bonds.
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