Interesting question and interesting trading day.
***Leading statements in bold***(Kitco News) - Silver futures prices are trading sharply higher and overnight hit an eight-year high of $30.35, basis March Comex futures, but
backed well off the high in midday U.S. trading Monday.
Retail traders, emboldened by social media chatrooms, are working on a short squeeze in the market, meaning trying to force traders short the silver market to capitulate. Gold is following silver higher and is also seeing a bit of safe-haven demand amid a recently wobbly U.S. stock market. April gold futures were last up $13.90 at $1,864.10 and March Comex silver was last up $1.896 at $28.80 an ounce.
The feature in the marketplace to start the trading week and the month of February is
silver prices soaring as retail traders are looking for a “short squeeze” in the market. Social media lit up during the weekend, especially on Reddit,
as the growing retail band of traders looked to slay another market--this time silver--that they claim is dominated and manipulated by the “big boys” on Wall Street. This follows the GameStop saga that played out last week, whereby
the smaller retail traders put the squeeze on big hedge funds that had shorted the troubled business. The silver is a much bigger beast to take on than is a smaller individual stock and the silver futures market trading way down from the daily high at midday makes some wonder
if the Redditor longs have run out of gas. Still, the Redditors have put a scare into many on Wall Street, especially the big hedge funds that like to short stocks they feel will be in some trouble either at present or in the future.
Full Article
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link to www.kitco.com (secure)]
Observations
SLV
Volume 272,145,557
Close
$26.76
1.77
(7.07%)CommentsThe market is being manipulated, how to see past the psyop?
What is the pysop here?
Who benefits most from the above?
Is the retail investor ever allowed to make money?
I am long SLV at $27.24.I believe we are going to see upward pressure, in increments of 5-10% daily.
Wall Street is battling for our mind right now, to convince us not to buy SLV. Of course they are and with good reason.
What do you think the game is right now?