GameStop is history now.
The Reddit army has targeted newer commodities, triggering an unprecedented increase in share prices, further fueling the current financial chaos further.
Silver’s share price rose by 8.5% making the per share rate going above $29 on Sunday evening, showing a bullish behavior in years especially after witnessing a 6% rally just last week.
The Reddit forum group Wall Street Bets finally authorizes their power of captivating Wall Street. They have crushed the hedge funds and set the market rolling after the sudden hike in their trading shares. The people at the Wall Street Bets had already set their eyes on Silver to target next after the GameStop fiasco and had been hinting about it since last Wednesday.
The Wall Street Bets have started the discussion on their social media, with an organized mission of “the biggest short squeeze in the world $SLV Silver $25 to $1000.”
Silver prices hit a 6-month high price resulting in hashtag #silversqueeze to trend on Twitter. The Reddit group is trying to make a short-supply squeeze which will thrust the prices higher in the market leaving a void to the hedge funders.
Silver had been performing fairly well during the past year, rallying more than 50% due to a weak performance by the dollar in the market.
The investment experts have claimed this surge to be insane. Retail investors have started to pile in, the reason being the insane demand of metal in the international markets, such as in Asia and Australia.
The major stakeholders have stopped taking more orders, as they are uncertain where the demand will reach because of the bullish trend of silver. It is difficult to predict what will be the price and demand of silver in the upcoming days. But the general idea is that for the next coming week, the stock price of silver will continue to rise.