Wallstreetbets (WSB), the retail trading group which famously masterminded the GME and AMC squeezes, briefly set its sights on Silver, a notoriously shorted commodity — However, once WSB realized it would be facing much stiffer competition than Melvin Captial the attempt was quickly abandoned.
This event created a splinter group, Wallstreetsilver
(WSS). These traders prioritize a steady accumulation of physical bullion
and champion the Sprott Physical Silver Trust
($PSLV) as their ETF of choice.
Although WSS lacks the sheer numbers (and reckless abandon) of its big brother WSB, the group has managed to create a lasting change on the physical silver market.
More than 6 months after the initial silver squeeze attempt, the number of individuals talking about purchasing silver coins remains elevated, up +42% YoY and +105% vs. 2019 (7-day moving average).