The price of silver soared to an 8-year high! Is it the latest WSB goal

[Cordillerabit]

The GameStop incident made the world realize that retail funds are no longer capital. The upsurge of retail collective funds investment has also swept the financial and crypto circles, and everyone is speculating about who is the next GME. One thing is that the latest target of funding is silver, and this has also driven the price of silver to soar, reaching an eight-year high; however, Reddit villagers have come out to clarify that this is just an organization distracting everyone’s attention and the purpose is to transfer GME’s work. More funds.

Netizens of r/WallStreetBets on the Reddit forum said last week that silver prices have been manipulated by banks for a long time, using low prices to cover up the shortage of silver in kind, calling on everyone to buy explosive silver-related products, and squeezing investment banks and other institutions.

According to TradingView data, yesterday (1) silver surged by 7.77% in a single day. The highest price once hit $30, reaching an eight-year high. This is the highest offer since February 2013. Rumor has it that Reddit’s WallStreetBets wanted Funds moved to silver. Before the deadline, the silver price was US$28.6.

Reddit villagers: Switching to silver is a conspiracy of institutions

According to a post by r/WallStreetBets, Reddit villagers pointed out that the transfer of funds to "long silver" is a common misleading by Wall Street and the media, and the purpose is to disperse the funds for long GME so that those short sellers can breathe.

Once investors transfer funds to silver, it will cause irreversible consequences. Because short squeezing as a blank silver institution will not happen, and it will not be able to make a profit; more importantly, these transferred funds will withdraw from this "Glorious Holy War", and this will result in the silver bull "Citadel Fund" benefiting from it.

The post wrote:

"Whether it is buying silver or long silver, you just move the money from long GME stock to our "opposite": another hedge fund's pocket. Because hedge funds are long silver, not short. "

Source:  Bityard