Wednesday, 03 March, 2021


White House to investigate GameStop stock surge

Give Them No Respect: Elon Musk As Reddit Users'Punish Wall Street GameStop shares ended the formal trading day down some 44 percent as some cashed out
Hannah Rogers | 02 February, 2021, 05:41

They grouped together on Reddit, Discord, Facebook, Twitter and other platforms to drive sharp surges in the stock prices of chiefly online video game retailer GameStop and movie theater operator AMC Entertainment.

Retail sites are warning customers they could not meet skyrocketing demand for silver bars and coins.

The number of GameStop shares that have been shorted (bets that the stock will fall), were slashed by more than half in recent days, according to a report Monday by the analytics firm S3 Partners.

"Precious metals have never seen such a sudden surge in new interest", said Adrian Ash, director of research at BullionVault.

Retail investors continued to buy silver contracts en masse on Monday, giving a boost to gold as well, as analysts believe that investors are moving to the precious metal as a safe haven. Shares in a handful of mining firms such as Argent Minerals, Boab Metals and Investigator Resources leapt more than 15 per cent.

"We saw the might of a new investor base, in terms of their ability to shape not just the fortunes of an individual stock but the fortunes of a large market segment like the Russell 2000", said Sunil Krishnan, head of multi-asset funds at Aviva Investors.

"It's nice to see this brief rally - I think it's going to be brief because squeezing shorts is not really an investment strategy, it's speculation and I don't see it having much legs", said Brad Cooke, CEO of Vancouver-based Endeavour Silver Corp., whose shares rose nearly 21 per cent on Monday. "So it's kind of the flawless storm for silver right now", said Steinmann.

Hedge funds like Melvin with huge short positions in GameStop and other stocks targeted by WallStreetBets got burned.

Also, Silver's market cap is more than $1.2 trillion, and the metal's price is affected by global factors, which means large players, including the likes of JP Morgan, are involved.

European stocks continued the trend in early deals, with London-listed miners up strongly, including Fresnillo, up 18% and leading gainers across the region.

"On the other hand, however, it results in silver being increasingly viewed as an investment metal", he added.

Attention from day traders is the latest driver for silver prices, which have traded in a range since notching a record performance in 2020, finishing the year up 47%.

-Will Horner contributed to this article.

Recommended

loading...
...

Rochester PD Under Fire for Pepper Spraying 9-Year-Old Girl Rochester PD Under Fire for Pepper Spraying 9-Year-Old Girl Police in Rochester , N.Y., are under fire after an incident in which a 9-year-old girl was pepper sprayed by officers. She added that officers must have compassion and empathy when dealing with "a child who is suffering in this way".

Burmese Military Stage Coup, Detain Aung San Suu Kyi Burmese Military Stage Coup, Detain Aung San Suu Kyi Derek Mitchell, the first USA ambassador to Myanmar after the opening, said the United States no longer enjoyed the same leverage. That would clear the way for him to take a civilian leadership role if the junta holds elections in a year's time as promised.

EU's Von der Leyen: AstraZeneca to deliver 9 million more vaccine doses EU's Von der Leyen: AstraZeneca to deliver 9 million more vaccine doses The EU has come under increasing pressure in recent days as it was forced to revise its original vaccination targets in the face of supply problems.

When is 2021 Super Bowl LV? How to watch Buccaneers vs. Chiefs When is 2021 Super Bowl LV? How to watch Buccaneers vs. Chiefs If he were to keep playing - and playing well - past 45, it would be just another historic feat. It sounds as if even Tom Brady doesn't know when he plans on retiring.

Free Santa Monica patch out tomorrow Free Santa Monica patch out tomorrow There are two incredible titles that will be available on PS4 and PS5, whereas Destruction AllStars will be exclusive to next-gen. We have it on good authority that more PS5 units will be hitting Australia this week as early as Thursday (February 4th).

US president Joe Biden threatens sanctions on Myanmar after military coup US president Joe Biden threatens sanctions on Myanmar after military coup But the developments in Myanmar represent a daunting challenge for the Biden administration and other Western governments. Similar statements followed from Australia , India , Singapore, and United Nations Secretary General António Guterres.

Tony Bennett reveals battle with Alzheimer's disease Tony Bennett reveals battle with Alzheimer's disease Singer and artist Tony Bennett poses for a portrait before an opening of his art exhibition in the Manhattan borough of NY , U.S. The article conveys how the condition has affected Bennett's memory and ability to recognise everyday objects.

Ella Emhoff: Kamala Harris' stepdaughter signed to major modelling agency Ella Emhoff: Kamala Harris' stepdaughter signed to major modelling agency Also added to the IMG Modeling lineup is renowned poet Amanda Gorman , who also caught eyes at the January 20 event. Currently, she is studying Fine Arts at New York City's School of Design in her senior year.

Nintendo Switch Outsells the 3DS Nintendo Switch Outsells the 3DS The Mario-themed area was slated to open February 4, but the date was pushed back as infections continue to rise across Japan. According to the report, Animal Crossing: New Horizons has sold 31.18 million copies since it launched in March, 2020.

Ireland reports 1,247 new coronavirus cases Ireland reports 1,247 new coronavirus cases Regarding the nationwide distribution of cases, 430 are in Dublin, 97 in Wexford, 87 in Cork, 84 in Limerick, and 76 in Galway. Dr Holohan said that people need to exercise "real care" in any circumstances where they come into contact with other people.

Leicester bamboozled by Bamford, Football News & Top Stories Leicester bamboozled by Bamford, Football News & Top Stories Sitting on fourth place in the Premier League standings, Leicester City will now take on Fulham on February 3. Harvey Barnes gave the Foxes a 13th-minute lead but Leeds hit back two minutes later through Stuart Dallas .

For The First Time, PlayStation Is Making An Xbox Game For The First Time, PlayStation Is Making An Xbox Game Unles things change, MLB The Show 21 will once again be published by Sony under Sony Interactive Entertainment (SIE). This crossplay will allow players on Xbox Series X and Xbox One to compete with players from PS5 and PS4.

Silver is the new GameStop Silver is the new GameStop Even if Reddit does target silver, it's not clear the online community can have the same effect on precious metals as it did with individual stocks.

Captain Tom's family confirm he is in hospital with Covid-19 Captain Tom's family confirm he is in hospital with Covid-19 His efforts earned him a knighthood in a specially-arranged outdoor ceremony at Windsor Castle in July . Piers Morgan said: "Come on, Captain Sir Tom - we're all rooting for you".

Manchester City maintain momentum as Gabriel Jesus sees off Sheffield United Manchester City maintain momentum as Gabriel Jesus sees off Sheffield United The players were up against a team who can produce at any time, not just against us but anyone in the division and in Europe. The goal was perhaps relief for the Brazilian forward who finally ended a nine-game goal drought in the Premier League .