BLUF (NOT FINANCIAL ADVICE): If you have the disposable income for it, look up which funds are hurting most because of the combined short squeeze (and if you don't know which stocks are being squeezed, just look at which ones the trading apps are restricting), find out which stocks the hedge funds are holding large shares in and sell them, and whatever they are shorting, buy.
For those of you playing, the Game of Stonks, Citadel Advisors LLC, one of the hedge funds being targeted by the Gamestop squeeze, is a major stakeholder in silver and right now Big Media(TM) is running a blitz campaign to shift attention away from shorted stock.
"Reddit traders send mining stocks higher as silver futures jump to eight-year high"
"SLV, AG, ASM, PSLV: Silver Prices Soar as Reddit Investors Scoop Up the Precious Metal"
"Spike in silver means everyone should take the Reddit traders seriously, El-Erian says"
"Silver prices: Big surge as Reddit army targets precious metals"
"Now it’s #silversqueeze: Reddit mania spreads to precious metals"
Notice the positive, or at least non-negative, spin that Reddit knows something and that the price of the stock is going up despite spending the last several days halting trade on trading apps and bashing the buyers with the usual insults and actually defending the hedge funds.
https://www.youtube.com/watch?v=xGy2RcvWmSo
https://www.youtube.com/watch?v=gL8w2hN0Qao
https://www.youtube.com/watch?v=-UdyDG_3WWc
(I also recommend watching Louis Rossmann who has several videos about media defense and the actions of the market.)
A normie investor might see an opportunity to jump on this rising tide and make some money, and of course stick it to Wall Street. However, when you go over to the WSB subreddit, the entire front page right now is telling people to avoid silver.
https://old.reddit.com/r/wallstreetbets/
Notice in particular a post from yesterday that details Citadel is a major holder in SLV
https://old.reddit.com/r/wallstreetbets/comments/l9gv98/citadel_is_the_5th_largest_owner_of_slv_its/
The idea as I understand it seems to be Citadel trying to pump and dump their silver positions to cover their losses on the short stocks and leave a lot of regular people, just now jumping into a market, holding the bag when they do.
Additionally, people have been throwing money into Dogecoin and trying to bump the price. Admittedly I've had a soft spot for Dogecoin as I've been around since the beginning and had a little bit invested just in case, but at the end of the day it is a meme currency. This too is a distraction to draw investment away from GME and the other shorted stocks by showing how fun it is and big numbers get bigger, but it does nothing to actually bleed these hedge funds.
Beanie man coverage via Bitchute: https://www.bitchute.com/video/5oAEPVY4eGY/
Silver STOCKS probably were a trap. BULLION is a different story. I was buying into the silver stocks, and at least made about a $2k gain when I dropped it.
Correct, thank you.
I just started buying silver coins last week, I don't even have my first purchase in yet. I had decided to early January, but was spending time learning and figuring out my plan of attack. I guess beyond my first order I'll be sitting on the sidelines for a bit having barely gotten started. No point in buying high when it's being overinflated by manipulation. I can always try to buy gold or something instead.
I see some of those redditors talk about how they are going to short squeeze silver, etc. and it just all seems dumb to me. It does seem like they've backed off of that a bit in the last day. I've been down this road before personally, make one or two good moves that turn out way better than expected and suddenly you're trying to apply that strategy to places it doesn't belong looking for another get rich scheme. In my experience that doesn't work out well.
Then add in the media manipulation and trying to push people to places they want them, and well here we are.
Personally, I think they should all buy lots and lots of Nokia stock. Emphasis on huge lots at very expensive prices. Because I'm greedy.
Again, not a financial advisor, but I would never dissuade people from buying physical metals, other than if we're in the total apocalypse, but precious metal stocks are too easily manipulated.
Yeah I'm not dissuaded, just going to sit on my hands for a couple weeks and see where it goes. I've never had luck being impatient and worrying about FOMO, so no point in starting now.
My intent was small $ purchases every so often this year anyway and just to hang on to. I'd be happy if it's just keeping up with inflation for the most part, as the money I earmarked for metals would have previously just gone into a savings account that forgot what even a 2000s-era good interest rate was.
Amen reverend.
Silver has more value as money than other precious metals - it'll take you as far as consent will reach. After that, the only precious metals will be brass and lead.
Even in the event the mass realization that all sovereign currency has gone full Whose Line (rules are made up and the points don't matter) actually takes place, silver has intrinsic and cosmetic value and is worth the right amount to actually spend. Nobody's going to want to trade in 1/64th an ounce of gold, but they might be willing to take 3 ounces of silver in exchange for something.
A mix is good, but in total economic collapse, lead becomes valuable before gold becomes practical.
A practical amount of gold will buy you a house. A practical amount of silver will buy you food.
The biggest weakpoint for crypto is definitely the exchanges (fuck you Coinbase) which is why I tend to buy and hold for BTC and ETH and the few staked coins I have. Doge would be the only one I would actively trade for now, but the actual exchange and the buy/sell tools aren't fast enough or just take a shit during peak hours like you said.
I'm not sure if Kraken offers or it would have mattered (depending on the nature of the system issues), but have you looked to see if you can put in limit orders? I've been putting in limit orders for prices both a little lower than I'd like to buy at and a little higher than I'd like to sell at. Then I can eat, sleep, work, etc. I had one of the sells go through during a momentary spike while I was sleeping last night and netted me a 15% gain over a time period of 72 hours or so.
I know it's not much profit compared to what's going on with Dogecoin, but my goal is more to see if I can grab a few extra $ from the crypto market before I use that crypto to buy the physical silver I mentioned in another comment.
It's okay to buy physical silver, don't buy paper. It's a little high right now to be buying in, but it will get higher yet. There won't be a squeeze though. No way there will be a squeeze. It might reach 100 in the next couple of years, but don't wait on the edge of your seat. The major banks won't mind seeing it rise in price since most of them are long on silver and have MASSIVE reserves of the stuff.
The usual suspects did some crying that this was another gamergate, and hilariously it actually is except on a much larger and more mainstream scale with countless billions in play.
Silver seems on the expensive side but if there's a dip I'll buy in.
Very low volume for GME earlier today (1st thing I checked after-hours since the price drop was odd), and likely due to short ladder attacks.
WSB sums it up well here - https://old.reddit.com/r/wallstreetbets/comments/laikd0/i_feel_like_clarification_is_needed_about_today/
This bitch still has plenty of legs. Hedgies are desperate and I love it. Let's see them on some ledges soon!
This is exactly the kind of accelerationism I like. As much as I'd like to dust off the collection, there's no better way to get normies to notice the man behind the curtain than to fuck with their money. The more they shut down and kick out normal people from participating in the market, the more normal people realize how rigged the whole thing is from top to bottom.