Financial media touts retail-driven silver boom even though WSB rejects it

3 points

5 years ago

It's very strange that dominant media coverage (as of the morning around 8:45 EST) [0] is about a retail-driven silver boom, yet silver is being definitively rejected on WSB [1].

Especially strange when the short position on silver is very much not a similar situation to GameStop. Even when you click through to one of the Bloomberg stories [2] and read past the first few paragraphs, they point out that the market position on silver is net-long and the market cap for silver is significantly higher than GME, meaning retail would have a much harder time moving the needle to produce the same type of short-squeeze as seen in GME.

[0] https://www.bloomberg.com/

[1] https://old.reddit.com/r/wallstreetbets/

[2] https://www.bloomberg.com/news/articles/2021-01-31/silver-spikes-at-the-week-s-open-as-reddit-hordes-pile-in-again?srnd=premium