Silver squeeze is 'not the same as GameStop' - managers

Reddit involvement 'helpful' to silver market

The concerted effort to drive up the price of silver by Reddit traders is "helpful" to the silver market but "not the same as GameStop", according to commodities fund managers.

On Friday (29 January) the subreddit responsible for driving a short squeeze on GameStop, which caused Melvin Capital Management to suffer more than 50% losses for the month, turned its attention to the silver market, which one user described as "the most rigged place" in finance. The ETFs most exposed to Reddit darling GameStop The tactics behind the move were summarised by another user as "kill the hedgies with GME and then kill the banks with SLV", with the latter acronym referring to BlackRock's iShares Silver Trust, which saw its net asset value rise 8.77% on 29 January. The s...