Return Of The Silver Raid, Price Of Silver To Hit $30?

Inflation is now showing up in multiple sectors, mostly stemming from raw materials costs, higher transportation rates, and supply chain disruptions. Companies are raising prices because of these higher costs. It is not yet clear if this rise is a temporary or long-term inflationary occurrence. It certainly is a concern, especially because of the rising cost of commodities.

This uncertainty drums up concerns in major companies, small businesses, and individual consumers alike. Some turn to cryptocurrencies like Bitcoin and Ethereum for a hedge. Others turn to precious metals, and some are leading a charge on the price of silver. You may have heard of the silver raid back in February. This did not end. Now, the raid organized through Reddit returns with an organized attack on May 1.

Start of the Price of Silver Raid

The start of the silver raid began in February. Partly inspired by the GameStop and AMC short-selling rally, the first attack by the subforum Wallstreet Silver left many retailers backlogged with orders. This was so significant that many websites had a disclaimer at the top of every page indicating that shipping and processing could take 5-10 business days.

The goal of the raid was to push back against precious metals manipulation, specifically targeting JP Morgan. On February 2, 2021, people dove into SLV. That day now carries an infamous connotation as "the day of the greatest felony in the silver market ever." Basically, the greatest inflow of buying happened that day, and yet the price plunged. This is what revealed to many how the paper silver market is easily manipulated.

Consequently, the forum began to discuss buying up physical silver instead. This is what Wallstreet Silver is promoting. The idea now is to drain the supply to spark a short-covering rally that would yield a “fair and accurate price of silver.” If there is a short supply, the price will go up. Additionally, many individual Silverbacks, “apes,” as they prefer to go by, are eager to hurt the eight major banks that have been shorting silver for years. Instead of an uncoordinated attack, this time there is a plan.

1 2 3
View single page >> |

Disclaimer: This article is not meant to serve as professional economic advice. Any action you take upon the information from this article and website is strictly at your own risk.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.