Silver is on a Run
Be very careful of fads and hyperbolic stock market charts. We have seen some hype by RobinHood Traders on Reddit, touting stocks like GameStop and AMC. These stocks were on institutional hedge fund investors’ radar as stocks to sell short. I.e., they sold stocks they didn’t own in order to buy them back at a lower price and make a profit on the difference. Robinhood traders drove the price from around $5 to almost $500 on Gamestop as individual investors put a squeeze on short-sellers, forcing them to buy the stocks at a higher price than they paid, causing the hedge funds to lose money. But today, anyone who bought at the top is in trouble and many have lost life savings as the stock has dropped 88% from the high.
There was a rumor going around about the same type of action in silver. The problem with trying to short squeeze silver traders is that there is so much silver around, you can’t corner the market. That was tried by the Hunt Brothers in the 70’s and 80’s and ended up almost bankrupt.
If you want an idea of a fair price for your silver, please visit us and see what we are currently paying for silver. And remember, if your silver jewelry is made by a famous maker, it may be worth far more than the spot price.