Silver Squeeze Goes Viral, Ounce of Ag Jumps Above $30, Wallstreetbets Fans Question Trend’s Legitimacy
This past week, another social media trend started on the Reddit forum r/wallstreetbets, which aims to initiate a large silver short squeeze in order to push the price of the precious metal to $1,000 per ounce. However, the silver squeeze trend comes with controversy, as numerous wallstreetbets supporters believe hedge funds like Melvin Capital and Citadel are behind the silver push. The Controversial ‘Silver Squeeze’ During the last week, news.Bitcoin.com reported on the wallstreetbets (WSB) saga taking place on social media forums and the infamous subreddit r/wallstreetbets. Since the mega short squeeze on the Gamestop (GME) shares, the squeeze maneuver has also spilled into a number of other stocks. This week, shares from the Russell 3000 Index (RUA) were targeted including tickers like NOK, GOGO, AMCX, and FIZZ. But the trend didn’t stop there, as one post, in particular, had called for a “silver squeeze.” The WSB Reddit post called for the silver squeeze to push the price of...