You need an online brokerage account. But I think people are better of buying real physical silver coins instead. It's real. Digital money ultimately isn't when SHTF.
GameStop Rebellion: Retail Traders Take on Wall Street Hedge Funds
- Thread starter Niall
- Start date
You need an online brokerage account. But I think people are better of buying real physical silver coins instead. It's real. Digital money ultimately isn't when SHTF.
Being a bit of a PM stacker myself, this particular reddit raid is close to my heart. I really don't have the money to be making any big investments right now, but I just couldn't help myself; this was as good of an excuse as any to add to my stack. So I bought my obligatory 10oz silver bar; paid about 25% over spot, but it made a nice little clink when I put it in the safe with my other silver bars.
Now I've got my keto popcorn/bacon crisps out and am ready to sit back and enjoy the show.
Now I've got my keto popcorn/bacon crisps out and am ready to sit back and enjoy the show.
Great article by Taibbi. He of course made his name by reporting (for real, like, actually explaining what happened) on the 2008 fiasco. I recently watched this 40-minute recounting of it from his podcast with Rogan a couple of years ago, if anyone wants a refresher of Wall Street shenanigans in (and leading up to, AND since!) '08:Suck It, Wall Street
In a blowout comedy for the ages, finance pirates take it up the clacker
Suck It, Wall Street
In a blowout comedy for the ages, finance pirates take it up the clackertaibbi.substack.com
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In the fall of 2008, America’s wealthiest companies were in a pickle. Short-selling hedge funds, smelling blood as the global economy cratered, loaded up with bets against finance stocks, pouring downward pressure on teetering, hyper-leveraged firms like Morgan Stanley and Citigroup. The free-market purists at the banks begged the government to stop the music, and when the S.E.C. complied with a ban on financial short sales, conventional wisdom let out a cheer.
"This will absolutely make a difference," economist Peter Cardillo told CNN. "Now, if there is any good news, shorts will have to cover.”
At the time, poor beleaguered banks were victims, while hedge funds betting them down as the economy circled the drain were seen as antisocial monsters. “They are like looters after a hurricane,” seethed Andrew Cuomo, then-Attorney General of New York State, who “promised to intensify investigations into short selling abuses.” Senator John McCain, in the home stretch of his eventual landslide loss to Barack Obama, added that S.E.C. chairman Christopher Cox had “betrayed the public’s trust” by allowing “speculators and hedge funds” to “turn our markets into a casino.”
Fast forward thirteen years. The day-trading followers of a two-million-subscriber Reddit forum called “wallstreetbets” somewhat randomly decide to keep short-sellers from laying waste to a brick-and-mortar retail video game company called GameStop, betting it up in defiance of the Street. Worth just $6 four months ago, the stock went from $18.36 on the afternoon of the Capitol riot, to $43.03 on the 21st two weeks later, to $147.98 this past Tuesday the 26th, to an incredible $347.51 at the close of the next day, January 27th.
The rally sent crushing losses at short-selling hedge funds like Melvin Capital, which was forced to close out its position at a cost of nearly $3 billion. Just like 2008, down-bettors got smashed, only this time, there were no quotes from economists celebrating the “good news” that shorts had to cover. Instead, polite society was united in its horror at the spectacle of amateur gamblers doing to hotshot finance professionals what those market pros routinely do to everyone else. If you’ve ever seen Animal House, you understand the sentiment:
Also, within that article, Taibbi embeds a recent smirkfest between CNBC's Andrew Sorkin and Shep Smith (turncoat!)...
That's such a BS line from Sorkin regarding 'these reckless day traders not knowing what they're doing and potentially harming pension funds roped in with hedge funds'.
r/WallstreetBets participant Louis Rossmann has been excoriating the 'professional trading class' in his recent podcasts, and in the following one, he points out that, in fact, the GameStop rebels have inadvertently pulled at least one major pension fund out of a fire Wall Street had put them in:
pinkfreud
Jedi
FWIW
We’ve already seen a run on silver in Germany a little over a year ago. We’ve also seen coins, rounds, etc. used IN PLACE of bullion in 2020, just so the weight could be met when contracts were called in.
They’ve been scrambling.
And yes, silver does make such beautiful music when it moves.
I’m all for it
The universe, I think, is speaking through all things. And this is no different.
Is it fueled by people who want to have an impact? Without a doubt. Will it lead to all sorts of terrible-ness? Likely.
I’m all for it. The universe can’t be wrong.
We’ve already seen a run on silver in Germany a little over a year ago. We’ve also seen coins, rounds, etc. used IN PLACE of bullion in 2020, just so the weight could be met when contracts were called in.
They’ve been scrambling.
And yes, silver does make such beautiful music when it moves.
I’m all for it
The universe, I think, is speaking through all things. And this is no different.
Is it fueled by people who want to have an impact? Without a doubt. Will it lead to all sorts of terrible-ness? Likely.
I’m all for it. The universe can’t be wrong.
SlavaOn
Jedi Master
This is an interesting discussion from the insiders of the "silver"-industry. They look at the situation from different angles. At 30 min mark a gentleman who spoke about the precious metals to still be a base for the paper currencies. When the SLV (paper silver) price will be disconnected from physical metal price, the bottom will fall from the FRNs...
The analysis of the silver shortage at the "SWAP traders" is mentioned soon after 1 hour mark - 100,000,000 ounces, which is equal to 2,834 tons of silver needed to cover the paper trades, as I understood it..
The analysis of the silver shortage at the "SWAP traders" is mentioned soon after 1 hour mark - 100,000,000 ounces, which is equal to 2,834 tons of silver needed to cover the paper trades, as I understood it..
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David Morgan I had found to have a very sharp mind. I'm not sure I'm going to find 2 hours to listen, but it has me thinking about another couple people to look to see what they might be saying - Rob Kirby and Ted Butler. Rob Kirby was consider the foremost expert on derivatives in the alternative financial community and Ted Butler used to be understood to be and considered to be the foremost expert on the silver manipulation.
This on the news today.
Thinking about this story along with WEF statement 'You'll own nothing and you'll be happy', it occurs that the current story could be a way of luring people into situations where they lose assets rather than the elite taking them away by other means. Can't remember where I read it now, but part of the plan was that the govt would pay out individual debts in return for ownership of the underlying asset to usher in WEF agenda. If that's close to what the plan is, the story had to be a big one to get a lot of attention. If people are worried enough about their financial future what with the economic fall out of lockdowns, then they're probably inclined to take more risks.
Thinking about this story along with WEF statement 'You'll own nothing and you'll be happy', it occurs that the current story could be a way of luring people into situations where they lose assets rather than the elite taking them away by other means. Can't remember where I read it now, but part of the plan was that the govt would pay out individual debts in return for ownership of the underlying asset to usher in WEF agenda. If that's close to what the plan is, the story had to be a big one to get a lot of attention. If people are worried enough about their financial future what with the economic fall out of lockdowns, then they're probably inclined to take more risks.
Ina
The Living Force
Jokes yesterday, memes today. Last century, jokes were the daily medicine for mental health during communism. Memes are the new medicine. IMHO ‘laughing @‘ under pressure is the best pointer to what the pressure is, how big it is and where it is coming from. It also shows the health level of the groups under pressure and their capacity for resilience. Also, jokes signal the start of a resistance buildup for the exercised pressure.Hilarious activity on the US stock market this week. In 2016 we had 'meme wars', in which 'meme magic' (possibly!) affected the outcome of a presidential election. In 2021, 'targeted meme stocks' are causing Wall Street vulture funds to lose billion$!
What Is Going on With GameStop? Meme Stocks Explained
Thanks to some financially savvy Redditors, and a push from Elon Musk, a number of flailing companies, including GameStop, are having a great week on the stock market. Here's what you need to know.www.pcmag.com
Lovely!
Probably the best value by weight is used sterling flatware. It is unlikely that most (smaller antique type) stores changed their prices on it this quickly. It isn't very popular, so is often sold at melt price. Next best value (and availability) I think would be for ungraded coins. Next would be silver jewelry at 2nd hand stores. Take a scale with you. Lots of people have coins and will sell. No middle man, no sales tax. Ask around. Everyone I know has some silver coins and a surprising number of people have some gold. Coin collecting is a very popular hobby. Yard sales are great for picking up stuff, especially unrecognized gold.
BHelmet
The Living Force
Interesting to note: Friday: what happened? A large % of retail traders were not allowed to trade in GME unless they wanted to sell. And yet, the stock went up 67%. The pros swooped in a bought GME (after getting the Brokerages to suspend much of retail trading). The point is - it is not one side vs another. The sharks will take whatever side it takes to 'win', and whatever it takes to regain control. As for silver (physical) - I am buying more on Monday if I can find any.
The focus now is GME. But after and if enough people are able to hold the line and don't sell at 1000. Silver could very well be next. But that could take another 2/3 weeks. So many people try to be there early just case and buy some silver while it's now still affordable.
My favorite: Don't invest in GameStop because there are no 'fundamentals' behind the stock anymore.
Um... Has any investor ANYWHERE in the past 10 years even mentioned the fundamentals about company and stock valuations, profits, etc? It's a complete madhouse. It's the dotcom bubble + subprime nonsense times 1,000,000 - with cryptos thrown in for good measure.