Plans to short-squeeze silver to never before seen prices circulated on Reddit.
Silver has seen price action to the upside yesterday as a result, with silver stocks climbing in response.
Ultimately, pushing silver up to $1,000 an ounce is a practically, near-impossible thing to do, said Peter Hug, Global Trading Director of Kitco Metals.
“[Reddit users] indicated they were trying to short-squeeze silver. Much more difficult to do [than with GameStop] because here we’re talking about the big, big global banks involved in the market and the metals will trade on supply and demand fundamentals, albeit there is tightness in the market in investment products for silver. The larger 1,000 ounce bars have ample supply available…so there is no shortage of big bars on the market,” Hug said.
Market fundamentals are still on silver’s side on a medium to longer term perspective, and even after yesterday’s push up, the silver price is still undervalued at these levels, Hug said.