Reddit Forum Sparks Physical Silver Shortage on Major Dealers’ Websites
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Our sub is for physical silver, for people that see silver as a hobby. Since Thursday morning I've been averaging about 4 hours of moderating a day just going through the moderation queue. I've personally banned hundreds of brand new/never before used accounts that only have post histories in subs related to this 'movement' and then come over to us to spam crap.
This morning I woke up and approved/removed posts in the queue for 39 minutes to empty it out. Went to the toilet and came back to 70 something new ones.
The sheer amount of blatant bot/disingenuous accounts spamming our sub for this 'movement' is insane. You'd think if they were going to spam the crap out of our sub with their nonsense, they'd at least buy me a cup of diet coke.
sigh I hope this ends soon.
It does seem to be shifting though, I'd say about 90% of it is people genuinely trying to participate in the sub now, it was about 1% Thursday morning. I'm hoping we're at, or nearing, the peak as a lot of these accounts that are actively participating in harmony with what the sub is about will start hitting the karma threshold and no longer need manual approval for everything.
We've already onboarded another moderator to help today too, but thanks!
But there are some fringe ideas that float in the silver world. The market manipulation people are largely people who don't understand how commodity markets work. Yes big traders can push the market around a bit, but they do it to make money. This is a very different thing from GME.
Silver may go up, but I'd be pressed to see it crack $100 an ounce for more than a moment. Lots of stashed silver will flow into the market pushing the price downwards.
I have no idea where the truth lies, but it's patently obvious that right now there's an army of sockpuppet accounts, some with a single-post history since their creation years ago, who suddenly started to be very enthusiastic cheerleaders of the notion that everyone should sell GME and dump the cash on silver.
Interesting times.
narrows eyes I wonder if you're in the sub heh. If so, for the love of God please report any blah links/comments, I'm getting what I can over there but I'm up to about 4 hours a day now of pure moderating.
[1]: https://www.barchart.com/futures/commitment-of-traders/techn...
The people who stand to gain will exit way before any real effects of shorts or limited supply even has the potential to play in. They are trying to capitalize on the GME media attention and willingness of inexperienced investors to throw money at anything because someone told it would “go to the moon” in a tweet or tiktok.
More importantly, this farce seems to have been coordinated to target specifically redditors holding GameSpot stock to force them to sell out their positions.
The amount of sock puppet accounts coming out of the woodwork to post their first message with enthusiastic claims regarding how GME e out and silver is in is astonishing.
> Think about the Gainz. If you don't care about the gains, think about the banks like JP MORGAN you'd be destroying along the way.
The idea that this is going to make any meaningful impact on JP MORGAN is ridiculous and I suspect the person who wrote it is aware it's ridiculous. They are just out to screw people so they can make a quick dishonest buck.
Just like the real Wall Street, /r/WallStreetBets is full of horrible scumbags.
Here's the original source: https://www.theepochtimes.com/reddit-forum-sparks-physical-s...
Please post the original in the future, if people need or want to use archive.is they can use it or find a comment with it.
A better source is: https://www.bloomberg.com/news/articles/2021-01-31/silver-sp...
> On WallStreetBets, one user wrote in a highly-upvoted post they want to push up the price for an ounce of silver from around $25 to $1,000 in what they described as the “biggest short squeeze in the world.” The post was later deleted by moderators of the group.
Through, it does make me wonder. How likely were it that the oil price went into negative last summer? From someone who does not follow the raw material market, that event sounded more strange than a tulip mania.