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WallStreetBets denies being related to the silver price rally

A noticeable increase in silver purchases over the weekend pushed the price of this precious metal briefly above $ 30 an ounce this Monday morning. This is a price level that has not been seen since December 2012.

This Monday, according to a ZeroHedge publication, the futures associated with the price of silver registered an increase of 8%, from $ 27 / oz to $ 30.1 / oz, following speculation over the weekend that WallStreetBets’ new target was silver.

The price of silver rose 8% this Monday to exceed USD30. Source: FactSet.

Regarding the rumor that WallStreetBets, the protagonist of an unprecedented confrontation with major hedge funds last week, is promoting the acquisition of silver, this group of users categorically denies it. “There is no maneuver to stop short positions around silver. None. Never.” Those responsible for the forum clarify that silver can rise for a while, but warn “that its price will never reach 100 dollars per ounce.”

Indeed, there was a significant rebound in demand for precious metal over the weekend, to the point that silver-trading websites are not accepting orders. TheSilverMountain.nl, a Dutch supplier of silver and gold bullion and coins, said Monday: “Due to extreme volatility, we are unable to accept orders at this time.”

The price of silver returns to levels of last August. Source: TradingView.

The price of silver had been growing moderately from the low of USD 24.5 dollars per ounce on January 18. After briefly surpassing USD 30 / oz this Monday, a 21.3% rally in the last 24 hours, it is trading at USD 28.869 / oz, at the time of writing.

Gold, for its part, did register a decline in January 4.55%. Although it reached USD 1,950 on January 5, it has fallen to USD 1,861.

For its part, bitcoin reflects a rise of 3.6% in the last 24 hours, and is traded at USD 33,802 at the time of writing this note. At a time when financial policies in developed countries tend to keep interest rates close to zero and favor monetary expansion, investors are looking for assets with value reserve attributes given the weakness of national currencies.

Bitcoin has been perceived as a store of value by important investment firms, which contributed to increase the interest of institutional investors in the first cryptocurrency during 2020.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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