“Silver squeeze” sounds great. Could it be the next “take gold”? A few weeks ago, in an unprecedented hit in the stock market, members of the Reddit group Wall Street Bets conspired to beat hedge funders at their own “short squeeze” game, boosting GameStop shares by more than 200%. Now, some of the same Reddit investors are buying shares in silver mining companies, pushing the price of silver up 11% to $ 30 a share (as of Monday morning), the highest level. since 2013.
If Reddit users hit a silver squeeze, there is speculation about which market could be next. Bitcoin investor and entrepreneur Cameron Winklevoss, who rose to fame with his twin brother Tyler Winklevoss when they made $ 65 million in a Lawsuit against his Harvard classmate Mark Zuckerberg, claiming he stole his idea for Facebook, took to Twitter on January 31 to contemplate the implications.
Investing in gold stocks has traditionally been considered a safe hedge against stock market volatility. The United States has the largest gold reserve in the world, but if the current (record) price of gold suffered a small contraction, that would have a massive effect on global markets.
As a Bitcoin investor, it’s no wonder Winklevoss is rooting itself against the mainstays of the market. He and his brother invested 11 million of their $ 65 million payment into Facebook’s lawsuit in Bitcoin in 2013, and when the cryptocurrency’s shares soared last December, they became billionaires.
In case you weren’t convinced the Winklevoss twins liked all of these things, they also just signed on as executive producers for an MGM movie about the GameStop fiasco, which will be based on a yet-to-be-written book by Ben Mezrich, author of The Social Network. The tentative title of your tome GameStop? The Antisocial Network.