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Reddit Crew May Find Commodities Harder After Roiling Silver

4 points by boh 6y ago

Leparamour 6y ago
I can't help myself but watching all these news and business websites unisono shouting about a "Reddit army silver run" feels so forced, artificial and coordinated. I've been reading /r/wallstreetbets closely for the last few days and despite wading through endless amounts of stale meme phrases I couldn't identify a specific interest in silver (SLV) other than the awareness that buying SLV at the moment would benefit Citadel who coincidentally hold long positions in that market. Either I am blind or Bloomberg is peddling misinformation.
- lasagnaphil 6y ago
  It's even more surreal that not just Bloomberg, but pretty much every major media outlet is pumping the "/r/wallstreetbets are changing targets to silver" narrative in perfect unison. There's definitely something fishy going on here.
  - qohen 6y ago
    This WSB post[0]collects a large list of links to stories in mainstream media about silver...it's really something. Reminiscent of Paul Graham's old piece about how PR works, The Submarine[1], but this time it's not the suit that's back, it's silver. [0] https://old.reddit.com/r/wallstreetbets/comments/la4b3t/dont_buy_silver_its_a_hedge_fund_scam/glls1b1/ https://old.reddit.com/r/wallstreetbets/comments/la4b3t/dont... [1] http://www.paulgraham.com/submarine.html http://www.paulgraham.com/submarine.html
- qohen 6y ago
  There are a bunch of posts on the front page of WallStreetBets stating that it's all B.S. And, apparently, the hedge-fund Citadel owns a ton of silver options, meaning that people buying silver would be helping the GME (GameStop) short-sellers, so WSB is advising people to steer clear of silver. So, it seems clear where this spate of silver stories is coming from. Either I am blind or Bloomberg is peddling misinformation. Hedge funds have been using the media (as well as financial institutions) to advance their goals by attempting to create false narratives for a long time -- here's Jim Cramer explaining it in (surprising) detail a few years ago (he used to have a hedge fund and used to do these things): https://www.youtube.com/watch?v=VMuEis3byY4 https://www.youtube.com/watch?v=VMuEis3byY4 The money quote, talking about manipulating the market in this way when in a bad position (at 5:09): "What's important is when you're in that hedge fund mode is to not do anything remotely truthful. Because the truth is so against your view that it's important to create a new truth to develop a fiction and the fiction is developed by almost anybody who's down like two percent to up six percent here. You can't take any chances, you can't have the market up any more than it is if you're up six because starting Jan. 2 you'll have all your money come out, so what would you do if you were in that situation and you feel like you're desperate is that you would do these actions."

4 points by boh 6y ago

I can't help myself but watching all these news and business websites unisono shouting about a "Reddit army silver run" feels so forced, artificial and coordinated. I've been reading /r/wallstreetbets closely for the last few days and despite wading through endless amounts of stale meme phrases I couldn't identify a specific interest in silver (SLV) other than the awareness that buying SLV at the moment would benefit Citadel who coincidentally hold long positions in that market. Either I am blind or Bloomberg is peddling misinformation.

lasagnaphil 6y ago
It's even more surreal that not just Bloomberg, but pretty much every major media outlet is pumping the "/r/wallstreetbets are changing targets to silver" narrative in perfect unison. There's definitely something fishy going on here.
- qohen 6y ago
  This WSB post[0]collects a large list of links to stories in mainstream media about silver...it's really something. Reminiscent of Paul Graham's old piece about how PR works, The Submarine[1], but this time it's not the suit that's back, it's silver. [0] https://old.reddit.com/r/wallstreetbets/comments/la4b3t/dont_buy_silver_its_a_hedge_fund_scam/glls1b1/ https://old.reddit.com/r/wallstreetbets/comments/la4b3t/dont... [1] http://www.paulgraham.com/submarine.html http://www.paulgraham.com/submarine.html
qohen 6y ago
There are a bunch of posts on the front page of WallStreetBets stating that it's all B.S. And, apparently, the hedge-fund Citadel owns a ton of silver options, meaning that people buying silver would be helping the GME (GameStop) short-sellers, so WSB is advising people to steer clear of silver. So, it seems clear where this spate of silver stories is coming from. Either I am blind or Bloomberg is peddling misinformation. Hedge funds have been using the media (as well as financial institutions) to advance their goals by attempting to create false narratives for a long time -- here's Jim Cramer explaining it in (surprising) detail a few years ago (he used to have a hedge fund and used to do these things): https://www.youtube.com/watch?v=VMuEis3byY4 https://www.youtube.com/watch?v=VMuEis3byY4 The money quote, talking about manipulating the market in this way when in a bad position (at 5:09): "What's important is when you're in that hedge fund mode is to not do anything remotely truthful. Because the truth is so against your view that it's important to create a new truth to develop a fiction and the fiction is developed by almost anybody who's down like two percent to up six percent here. You can't take any chances, you can't have the market up any more than it is if you're up six because starting Jan. 2 you'll have all your money come out, so what would you do if you were in that situation and you feel like you're desperate is that you would do these actions."