What’s the deal with the silver in the middle of the trading week?
Silver prices plummeted on Tuesday when it discovered that Reddit’s Wall Street Bets was not behind the white metal’s dramatic push. The forum-turned-decentralized hedge fund was widely against it, deciding to continue putting it all on GameStop.
It was an 11 percent gain Monday, a ten percent plunge on Tuesday. What’s happening on Wednesday?
March silver futures surged $0.563, or 2.13 percent, to $26.97 per ounce.
Right now, there are not too many factors to justify silver’s rally, so perhaps investors are still betting on a WSB-fueled push.
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I am not sure silver or gold can be called an investment any longer, if they ever really were an investment. The dealers are the ones making money in metals. I do own a small amount of silver that I purchased 2 years ago at an average price of $20 per oz. With inflation it now equals $21.02 as my basis. If you purchased gold at $2,050 per oz in 2011, it would need to go to $2,425 just to break even. The metal hedge is for one thing only and that is a total collapse of FIAT currency, and that may never happen. Then and only then will the gold and silver bugs have a big smile on their faces. Until then Metals for most people are a real loser, because of inflation.