Over the weekend, a surge of buyers looking for their next profits turned their eyes on silver. With the stock market closed, instead of buying mining companies or futures contracts, they turned to the physical market. Many online sellers of physical bullion either sold out or started to restrict sales without an open market to best determine the spot price when demand was on the rise.
The move is a partial release valve for the standoff between GameStop shorts and longs (shares dropped heavily yesterday, but on incredibly light volume, indicating most shareholders are holding). While many long-side owners are happy to hold their shares to spite the short-sellers, some have noted that the silver market is just as – if not more—manipulated than GameStop. Of course, some funds short the retailer are also long the metal, so a surge in silver may just provide a partial bailout. At some point, taking a profit will be more important than holding a trade.
Now here’s the rest of the news:
February 02, 2020
Today is DarrenDaily Recap Sunday. A collection of the weeks videos from Darren Hardy. Enjoy!
…and two great pictures of Newfoundland … A place I soon what to be living!
February 02, 2019
Saturday — and all I want to do is have fun!
…says it all. 😉