Credit: Original article published by Coingape.

Silver Short Squeeze WallstreetBets

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 bring down JP Morgan who holds billions in short position against the Silver market.

Silver SPOT, ETF, Microcaps All Rise Amid Short Silver Frenzy

The call for a Silver squeeze has transitioned across all Silver markets be it Futures market, ETF, Microcaps, and even stocks of the Silver miner has registered a healthy surge.

The Silver futures market is up by 10% led by soaring volume for the CME Futures and Options market.

Source: CME

The largest silver ETF on Friday brought in a record $922 million, indicating the rising demand for a highly shorted market led by retailers.

Silver ($SLV) Premium Rises to 11%

The rise in silver demand has created a supply crunch for physical silver in the market while Silver Trust funds have a nearly 11% premium for Silver.

The 8-year price high was aided by significant trading of $SLV across major exchanges.

One Reddit member from the wallstreetbets group supposedly has nearly $231k in $SLV calls.

When compared to Gamestop, Silver is a significantly bigger market expanding to futures and physical silver-backed ETF, so it would be quite a task for retailers to swing the price of the asset. However, going by the early trends it seems the price has started to pick up, however with a price target of $1000, it seems quite a daunting task to pull a GME again.

The debate around the Silver Squeeze has started to gain mainstream traction, but recent data from CME suggests that a significant portion of Silver holders are top wall street giants that include the likes of Morgan Stanley and Bank of America.

A fraction of the social media also believe that the recent calls for Silver Squeeze are not just being propelled by Redditors and retail traders, but wall street also has a say in it.

The post Silver($SLV) Price Soars to 8-year High; Spot, ETF and Microcaps all Rise in the Wake of Silver Squeeze Calls appeared first on Coingape.

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