This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.rt.com/business/514465-reddit-silver-short-squeeze/

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Is Reddit crowd behind silver short-squeeze? RT’s Boom Bust investigates Is Reddit crowd behind silver short-squeeze? RT’s Boom Bust investigates
(7 months later)
A buying frenzy has swept the silver market as the Reddit community rushed over to commodities, with the price of the white metal soaring to an eight-year high this week.A buying frenzy has swept the silver market as the Reddit community rushed over to commodities, with the price of the white metal soaring to an eight-year high this week.
RT’s Boom Bust talks to David McAlvany, CEO of McAlvany Financial Group, about the buying fever that has captivated the financial world lately.RT’s Boom Bust talks to David McAlvany, CEO of McAlvany Financial Group, about the buying fever that has captivated the financial world lately.
“These swings are a [different] order of magnitude compared to what we usually see in the silver money,” McAlvany says, adding: “I’m wondering if the Reddit crowd doesn’t have a little bit of a problem with attention deficit disorder.”“These swings are a [different] order of magnitude compared to what we usually see in the silver money,” McAlvany says, adding: “I’m wondering if the Reddit crowd doesn’t have a little bit of a problem with attention deficit disorder.”
There is activity there, he says, “but I think, by definition, we are talking about ‘hot money’ which is short-term, opportunistic…”There is activity there, he says, “but I think, by definition, we are talking about ‘hot money’ which is short-term, opportunistic…”
McAlvany explains that the big story for silver is what happened in 2020, when its price was up 45 percent for the year, while gold was up only 24 percent. “Because what you have as a backdrop is pretty significant.”McAlvany explains that the big story for silver is what happened in 2020, when its price was up 45 percent for the year, while gold was up only 24 percent. “Because what you have as a backdrop is pretty significant.”
The moves by long-term investors, suggest there are reasons to own the metal, he says. “As for the short-term crowd, maybe they will accidentally end up owning a great asset, but I don’t know if they have the staying power. If they actually sit on their hands, it might do them some good.”The moves by long-term investors, suggest there are reasons to own the metal, he says. “As for the short-term crowd, maybe they will accidentally end up owning a great asset, but I don’t know if they have the staying power. If they actually sit on their hands, it might do them some good.”
For more stories on economy & finance visit RT's business sectionFor more stories on economy & finance visit RT's business section
Dear readers and commenters,
We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.
Sorry for the inconvenience, and looking forward to your future comments,
RT Team.