Ivan Bayoukhi, the founder of the subreddit Wall Street Silver, stated that Wall Street Bets users are now tired of talking about GameStop and the investments.
Banned Reddit forum founder admits to silver rally
Bayoukhi told Kitco News that the notorious subreddit had claimed that they were not the ones behind the silver's rally because they were more focused on the members purchasing into AMC, GameStop, and other heavily shorted stocks.
One Reddit user wrote in February that the Silver Squeeze is a hedge-fund coordinated attack so that people can keep fighting the $GME fight.
Bayoukhi, one of the users who called for betting on silver, stated that one could just scroll back five to 6six months on the Wall Street Bets forum to find several silver-related posts.
Some posts would even mention the Hunt Brothers, who were able to push silver prices from $6 an ounce to over $50 an ounce within a year more than three decades ago.
Bayoukhi said that they had kept track of everything, and that is in their extras section or the information section on Wall Streets Silver Reddit.
However, anyone attempting to post about silver on Wall Street Bets, including him, was banned from the community because most of them did not want the focus to stray from GameStop.
Still, 30% to 40% of the Wall Street Bets forum loves silver, Bayoukhi said. This indicates a conflicting opinion among members of the subreddit, with some wanting to continue the GameStop short-squeeze while other users wanted to expand it to silver.
Bayoukhi said that this is the reason why most of their users are coming to them for silver because they are tired of just talking about one stock all day.
Just after Reddit day traders drove up the prices of GameStop this year, silver prices rocketed to their highest since 2013.
This was driven by messages urging Reddit day traders to purchase the metal and hike its price.
Some community members even claimed not to be a part of it and even banned posts that mentioned silver.
Bayoukhi compared silver to fiat currencies. When he was asked why he likes silver, he said traditional currencies are not backed by anything, and 99% of them have failed.
On the other hand, silver is used in everyday life, like in solar panels or industrial goods, has affordability, and works as a real store of value and hedge against inflation, as reported by Business Insider.
Reason behind the silver rally
The price of silver is still within the same range it has been in since June 2020, as prices on futures markets tumbled by nearly 8%.
Media outlets released news about the silver rally, even though silver's price has held between $22 and $30 since August 2020, as per Axios.
Silver has been seeing high physical sales for a couple of months now, and the market is struggling to keep up with the demand.
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Written by Sieeka Khan
