The Silver ($SLV) price is breaking an eight-year-long downtrend and reached a price of near $30 today for the first time since March 2013. The sudden rise in the price of the old-age traditional asset seems to be fueled by the wallstreetbets (the Reddit group behind GME pump) call for short squeezing the market to
The Reddit group Wallstreetbets is now eyeing to short squeeze silver market, one of the heavily shorted markets with the majority of the short position bought by JP Morgan. The price of silver has already risen by 6% for the day and it seems the Redditors have started buying the Silver similar to GME stocks.
The wallstreetbets group is taking up on Silver [$SLV] as their next short squeeze target and $SLV price is already started rising breaking $26.5 at the time of reporting. It is to be noted that JP Morgan is among the largest silver short position holders and they may well be next Melvin Group. Big Short
Wallstreetbets, the infamous Reddit group is now calling for Short Squeezing the silver Bullion market, what many consider to be the most shorted asset in the trading market. The group moderators have now changed their access to private mode. Silver is currently heavily shorted and a majority of those short positions are bought by JP