All Hell Breaking Loose? - Because of Reddit? of all things?
Entry posted by Revenant ·
So, it would appear that the group of redditors that have been playing games with Gamestop and AMC stock (among others) are now plotting a short squeeze on SLV and the silver futures market, which is driving up spot a little (but not insanely much so far). It's also causing a crush of orders to hit the dealers, causing the dealers to limit or stop taking orders and it's causing the prices of / premiums on physical metal to spike and getting physical metal is staring to cost $35+/ounce now.
One of them has apparently argued that they could send the price of silver up to $75 in the near term by demanding physical delivery. I don't really see that happening because, from what I've read, a lot of these contracts allow for them to be filled with the cash value and not with physical silver in the event of a force majeure where they can't get the physical metal.
Still, I don't see how this doesn't impact the price of current and future mint prices. The prices of US Mint and other NCLT bullion issues has already spiked painfully in the last year or so and this is just going to make it so much worse. And I like buying these things when I'm not busy chasing hyperinflation notes.
I've referenced before the fact that I spend some time on reddit and I've spent some time looking at these threads. These people are nihilists and arsonists. So many of them are just bragging about just being determined to hit "Wallstreet" and how they don't care how much they lose or if they lose it all if it hurts some nameless hedge fund guy who they don't know, who doesn't know them, and who they will never meet. Never mind that 1) it's pension funds and 401K accounts that own some of these hedge funds (maybe even theirs) and 2) if you lose everything it probably means that someone else got it and if it wasn't you it was probably them. This whole thing seems definitionally insane. These people are either liars or lunatics and I don't know what's worse.
I'm reminded of a line from Babylon 5 - one of my favorite shows of all time - "You forgot the first rule of the fanatic. When you become obsessed with the enemy, you become the enemy."
Only the preservation of life deserves to be held paramount.
Letting someone live in your head rent-free while you hate them and allowing the desire to hurt someone you don't even know to override all other considerations can never end well.
Fortunately I'm not having anymore kids and so I don't have to worry about 2021 birth year sets or anything else that would screw me over later on if this causes problems for coin supplies or anything else down the road so I'm probably just going to sit this one out and hope it passes. I just hope a lot of pretty old coins don't get melted in the process because a bunch of financial arsonists want to play a game to make a quick buck - consequences be damned.
Just as a disclaimer - I don't own any of these stocks, but I do own silver. I'm not touching that other craziness with a 10 foot pole if I can avoid it. If anything I do own starts getting involved in any of this screwy-ness I'm out as fast as I can get out.
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