The following back and forth took place regarding the Reddit Silver Shocker with one of the most respected CEOs that runs one of top performing silver companies in the world.
Reddit Silver Shocker
January 28 (King World News) – Chris Ritchie, CEO of SilverCrest Metals, sent the following communication: “Are you watching this Reddit stuff – now targeting silver ETFs.”
Eric King: “Yes. It will be interesting to see what comes of the public buying SLV. The question is, will it move the price of silver higher? So far the answer is no, as futures are trading down 24 cents near the $25 level. Remember, this is an options expiration week and the banks are trying to depress gold and silver prices in order to expire call options worthless. Meaning, banks may play games because they control SLV and like anything run by banks there is corruption. Wish the public was buying Sprott physical silver (PSLV). That would tap physical silver market really hard. Regardless, it will be very interesting to see where silver trades from here.”…
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Chris Ritchie: “Can you do me a favour and check the total dollars traded in GameStop this week and compare that to the $ needed to buy up 20-30% of the annual silver supply?”
Violent Short Squeeze
Eric King: “Chris, I just calculated the last 4 trading days in GameStop (GME) in dollar terms and it totals $82.3 billion. I think annual silver production is roughly 1 billion ounces and at current prices that would total about $25 billion. That means yesterday’s trading volume in GameStop of $29.9 billion would have purchased more than the entire annual silver mine production! And the last 4 trading days in GameStop ($82.3 billion in dollar terms) would have purchased more than a staggering 3-times the entire annual global silver mine production! This type of buying would obviously create one hell of a violent short squeeze in the silver market.” Also just released! REDDIT TRADERS TARGET SILVER: Man Who Oversees Nearly $160 Billion Says Silver May Be Poised To Skyrocket CLICK HERE TO READ.
Also just released! GameStop, Reddit, And A Wild Day Of Trading In The Silver Market CLICK HERE TO READ.
To listen to Alasdair Macleod discuss the fact that there is virtually no liquidity in the London silver market which may lead to a massive short squeeze in silver as well as the Reddit and Robinhood army of traders entering the silver market CLICK HERE OR ON THE IMAGE BELOW.
BULLISH ON SILVER: To listen to Rob Arnott, the man who helps oversee $160 billion, discuss why the silver market could be the next to skyrocket and much more CLICK HERE OR ON THE IMAGE BELOW.
James Turk discussed the silver cup and handle formation and why we’re headed into a mania in the precious metals, to listen to his powerful audio interview CLICK HERE OR ON THE IMAGES BELOW.
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