WallStreetBets Is NOT Buying Silver – It’s Fake News

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Last Updated on 2 February 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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By now, you can only claim to have lived on Mars if you never heard of WallStreetBets, GameStop or the short squeezing of hedge funds. The group of millions of autistic Redditors who banded together to try and take down several Wall Street billionaires both with a view of making money and out of spite for the 2007-2008 financial crisis, are apparently setting their sights on a new target.

Only problem is that none of the MainStream Media (MSM) who were quick to jump on this has checked the fine print and that (once again) none of them has seen that the hedge fund Citadel has simple used the journalists of The Guardian, The BBC, The New York Times and so many others in order to push the price of silver up over he past few days.

WallstreetBets replied:

This is BS & the straight up the ANTITHESIS of who we are. By buying silver/going long on silver, you would be directly putting money into the pockets of the EXACT HEDGE FUNDS ON THE OTHER SIDE OF $GME. The hedge funds are LONG silver NOT short silver.

We would like to say that they also conned CNBC, but by now it is clear that this channels is simply in the pockets of classic finance and thus it is doubtful that they don’t know what is really going on.

As many keen Redditors have remarked and as a thread on WallStreetBets itself explains:

It’s the reverse play on GME. Citadel wants to shift your attention to it – they have the 5th largest holding of SLV

The Silver Squeeze is a hedge-fund coordinated attack so they can keep fighting the $GME fight from wallstreetbets

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Stonks

As Dave Portnoy made it clear with a meme last week, the WallStreetBets group still has the same stocks (which they call stonks) in sight: Gamestop, Nokia, Blackberry and AMC theaters.

On the crypto side they are fans of Bitcoin (as it is decentralized and cannot be influenced) whilst their smaller side group called SatoshiStreetBets is aiming to get Dogecoin sent to the moon (or at least to $1).