Silver price soars, as reddit forum looks for the next ‘Gamestop’
Share article:
Share article:

Silver price soars, as reddit forum looks for the next ‘Gamestop’

© Belga

The price of silver soared on Monday, briefly exceeding $30 an ounce for the first time in eight years, as Reddit users from the ‘WallStreetBets’ forum collectively have set their sights on silver in a similar way that saw the GameStop share jump last week.

At 12:40 CET time, an ounce of silver soared 8.6% to $29.29, after having reached $30.10, an eight-year high.

Since Thursday, the price of silver has increased by 16.05%. In comparison, gold remains relatively stable (+0.88% to 1,860.06 dollars an ounce).

The price rise started after posts on the WallStreetBets forum.

The forum, which now has more than 7 million members, had pushed for the mass purchase of the Gamestop share, a video game store chain headquartered in the United States.

The collective investments pushed the stock price up and were in direct opposite positions from those taken by several large hedge funds, who had ‘shortened’ positions, that would have benefited them if the stock’s price would have decreased.

Gamestop’s price has soared by 1,625% since the beginning of the year, and the ‘short-sellers’ have lost an estimated $19 billion in 2021.

While Wall Street is destabilized and the political debate rages on this duel between small investors online and giant investment funds, users at the forum are now looking for “the next GameStop”, and some have set their sights on silver.

“It’s going to be interesting to see how far individuals can push the price of silver,” Hussein Sayed, analyst at FXTM commented, noting however that “the size of the silver market is around 1,500 billion dollars, and therefore more difficult to ‘move’ than Gamestop.

At the height of the price spike last Wednesday, the video game chain was worth $22.8 billion.

The Brussels Times

Latest news

European Council: Decisions on Covid-19 and energy and debate on other issues
At the two-days summit which ended on Friday, the European Council adopted conclusions on COVID-19, digital, energy prices, migration, trade and ...
Flanders ‘water bomb’ could cause €2 billion in damages and affect thousands
The next "water bomb" or heavy rainfall over Flanders could cause damages estimated at around €2 billion, and could affect up to 100,000 people in ...
Pfizer Covid-19 vaccine 90% effective in 5 to 11-year-olds
The Pfizer-BioNTech vaccine is 90.7% effective in preventing symptomatic forms of the coronavirus in children aged five to 11, Pfizer announced on ...
Belgian airport named best for cargo in Europe
Brussels Airport has been named the best airport in Europe in a 2021 roundup of the best cargo airports across the world. The Asian Freight, ...
NASA plans first return mission to Moon in February 2022
The United States space agency, NASA, has announced that it will be aiming to launch its first, uncrewed mission to the moon, Artemis 1, in February ...
New, reportedly more contagious Delta mutation being monitored
A new mutation of the Delta variant of the coronavirus, which is reported to be more contagious, is being monitored by health authorities in the ...
Angèle releases new single: ‘Bruxelles je t’aime’
Belgian singer Angèle has unveiled her latest song ahead of the release of her new album, due later this year. 'Bruxelles je t'aime' (Brussels I ...
23 million chickens and 1.7 million pigs: Climate experts call for livestock cut
Flander's livestock needs to be drastically cut to save the climate and reach the emission reduction targets, according to the latest advice from the ...
Vaccination uptake surges in Wallonia following CST announcement
The number of people getting vaccinated against the coronavirus increased fourfold in Wallonia after it was announced that the Covid Safe Ticket ...
Guilty by association
BRUSSELS BEHIND THE SCENES Weekly analysis and untold stories With SAM MORGAN Other Brussels behind the scenes stories: Brussels' bid to make ...
Health minister supports use of Covid Safe Ticket in workplace
As the use of the Covid Safe Ticket (CST) has been expanded in Brussels and is set to in Wallonia, federal health minister Frank Vandenbroucke has ...
Maggots show Conings may have lived longer following disappearance
Former army soldier Jürgen Conings, whose disappearance in mid-May resulted in a month-long manhunt, may have been alive for longer than has been ...