Headlines this week were dominated by manic retail investing inspired by the WallStreetBets (WSB) subreddit.
I can’t believe how many text messages I’ve received in the past week regarding Reddit and the GameStop and AMC short squeezes.
If you need a primer of what happened there and how it started, you can watch my video explanation here.
Recently, a few Twitter users created a silver version of the Reddit post, which got up-voted (ranked higher so the community could see it) to the point that it became major news next to the GameStop post.
With that, it has come a major spike in interest for all things silver – miners and physical especially. Most dealers are telling me that they are out of stock.
And the Vancouver bullion exchange which is on the main floor of our office building had a lineup down the block like it was an Apple store during iPhone launch day.
This is truly rare.
But it does not mean that silver is about to shoot up to $100.
It’s a textbook example of a crowd experiencing FOMO with a major injection.