Silver hits highest in eight years as Reddit frenzy turns to commodities Business

In an interview, RocketBoomGo gave his first name as James and said he was a former Merrill Lynch trader who lives in Florida. The telegraph could not verify his identity.

The user said his money transactions were driven by the printing of money by central banks, which some believed devalued paper money, as well as the growing demand from industrial companies that use the meta in products. He added: “The market was ready for a race for money.”

However, several Reddit users have warned that major investors targeted by their move may actually benefit from the rise in silver prices.

For example, Citadel – a hedge fund betting against GameStop that was hammered when stocks rose last week – has large volumes of metal and could profit from it. One Reddit user urged day traders not to stack the merchandise, saying, “It is imperative not to rush it.”

JPMorgan is believed to have short positions in silver, but also stockpiled masses of metal last year.

It is likely that the bigger investors have now acted on the turmoil triggered by retail investors in the silver market, which means the way forward is more difficult to predict.

European stocks targeted by retail investors as a “short squeeze” have retreated in recent days, although some US stocks have continued to recover.

Even after the last fall, GameStop shares were at $ 245, valuing the company at $ 17 billion. They started the year at $ 17.