The New CS Board

[jumanji0881]

The Reddit group has turned their focus on the silver shorts, which JP Morgan has a large silver short position. I would really like to see JP Morgan take a big hit on their silver short positions. The question is how much will the regulators allow the price of silver to rise and thereby hurt JPM before they step in.

David Erfle Weekly Kitco Precious Metal Sector Op-Ed (mailchi.mp)
The WallStreetBets group is focusing on SLV as their next short squeeze target and the silver ETF was up 5.55% yesterday with huge volume. The futures market is a mix of physical metal and futures trading, but the SLV ETF takes physical delivery of the metal. The idea is that by buying shares in SLV, they could put the pressure on the physical market and make a spike profit, which some already did so yesterday when the silver price sold off into the afternoon.

JP Morgan is clearly the next target of the group after Melvin capital suffered a huge setback recently with GME stock. JP Morgan reportedly holds the largest short position in Silver and a short squeeze will affect them severely. Older readers may remember the Hunt brothers cornering the silver market during the late 1970’s.