GameStop / Reddit News

[Minimalist]

47 minutes ago, HighlandTiger said:

You do talk an awful lot of old tosh, comrade. 🤦

Classic duality ad hominem fallacy that reflects your limited rigid boxed in belief system - he must be a communist/socialist because he sticks up for his own class.

1 hour ago, HighlandTiger said:

If you think only the lower classes are part of this you are 1. Sadly deluded and 2. A bit of a snob yourself.

Your hugely mistaken. I really hope the Bankers and Hedge funds get reminded that theres all sorts of risk in trading/investing in the market. You gave me a good chuckle when youve branded me a snob, this is coming from a conventional scientific fundamentalist who generalises the subject of cosmology to the degree of characteristics found only in the mainstream, but in reality, knowledge has no borders on that subject. 

[Bumble]

I wonder about how up-to-date those short figures are. Bear in mind that funds can trade large amounts of shares off-exchange. Even if they are correct, it may be that the original shorts have covered their positions and others have moved in. I don't care to speculate in retailers, because I know nothing about them, but if I did I would rather be short than long GME at the moment. If the shorts have deep enough pockets, they will just ride out the current price mania and wait for normality to return.

Also, the number of shares in a company is not a constant: GME might decide to issue new shares in order to extinguish their debt. Nobody could really blame them if they took advantage of the opportunity - it would be the prudent thing for any company to do if they found themselves with an inflated share price.

That is where silver is different. We know the rate at which it is produced, and it can't be printed. A company can go bust, but demand for silver will not go away. The silver price is held down by shorting, but like gold, there is pressure on physical supply.

[HighlandTiger]

2 hours ago, Minimalist said:

Classic duality ad hominem fallacy that reflects your limited rigid boxed in belief system - he must be a communist/socialist because he sticks up for his own class.

Your hugely mistaken. I really hope the Bankers and Hedge funds get reminded that theres all sorts of risk in trading/investing in the market. You gave me a good chuckle when youve branded me a snob, this is coming from a conventional scientific fundamentalist who generalises the subject of cosmology to the degree of characteristics found only in the mainstream, but in reality, knowledge has no borders on that subject. 

How to prove my comment was correct in a thousand words. 😂😂😂😂😂

[Minimalist]

1 hour ago, HighlandTiger said:

How to prove my comment was correct in a thousand words. 😂😂😂😂😂

P*sh and sh*te trolling but not surprising.

Back to the original point with the reddit users - Since you claim that they THINK they are GOING to get rich... Where you getting this from? Seriously? because thats a loaded statement.

[HighlandTiger]

6 minutes ago, Minimalist said:

P*sh and sh*te trolling but not surprising.

Back to the original point with the reddit users - Since you claim that they THINK they are GOING to get rich... Where you getting this from? Seriously? because thats a loaded statement.

Zzzzzzzzz. Sorry but I'm not interested in debating a pseudo intellectual. It bores me. 

[Oldun]

I wonder if the entire online planet (or at least the wsbers) typed the same thing at the same time, whether it would blow up the market due to the algorythms picking up on a massive surge in one piece of information and feeding it to the market machines ? 🤣

[HighlandTiger]

Great to see the reddit lemmings crash and burn, and service is back to normal. 

Hopefully no-one on here lost their shirt following the reddit financial "experts"

[Bumble]

The WSB crowd did a good job of short-squeezing an overly-shorted stock and making money out of it. If the reports are correct, hedge funds lost $40 billion, so applause is due. That is how markets work. But you have to learn to know when to take your profits. Maybe GME was cheap at $20 and shouldn't have been shorted at $30, but it is certainly not worth $200. It will go back to $30 to $40 soon enough. Too many of the Reddit crowd are naive traders who are playing with tools they don't understand.

Last year on a Reddit forum I saw a post saying: I bought this call option on a stock and the stock has gone up, but my option has gone down, why is that? They posted a screenshot showing the contract note. Someone replied pointing out that they had sold the option, not bought it. This highlights two important points. There are naive traders who don't even know whether they are buying or selling. And there are platforms like Robinhood that are letting these naive traders do risky things like write options, which have potentially unlimited downside.

[JunkBond]

3 hours ago, HighlandTiger said:

Hopefully no-one on here lost their shirt following the reddit financial "experts"

I am down 61% but each time I think about getting out it shoots up a bit. 🚀🚀🚀

Edited February 2, 2021 by JunkBond
Added rockets

[MancunianStacker]

GameStop short float 121%
 

[Bumble]

The redditors who attempted to create a short squeeze on silver were also pretty naive. For one thing, the physical silver market is more than 20 times the size of GME, so it is a big target. For another, SLV does not have to rush out and buy physical silver just because their unit price goes up. They issue and redeem baskets of 50,000 units at a time, so they can ride out a period of volatility. Buying PSLV (the Sprott physical ETF) was even more pointless. It is a closed-end fund, so buying it just pushes up the premium of the unit price over the NAV of the silver it owns. It now stands at a premium of 1.3%.

[sixgun]

#silversqueeze is real - it is gaining momentum. 
More and more big names are doing interviews with WallStreetSilver and those subscribed to the Reddit thread is growing fast - 37k subs now.
People are moving out of SLV into PSLV. There has been a very dramatic shift with millions of ounces allegedly moving out of SLV and millions of ounces moving into PSLV.
As the price of PSLV rises they have been buying silver and issuing more units.

 

i have been selling options in GME. The premium in these options is crazy so i am making $1000's profits while it lasts.

[HGr]

Which platform are you using for options? 

[sixgun]

42 minutes ago, HGr said:

Which platform are you using for options? 

Interactive Brokers.

[sixgun]

Here we go - the Squeeze is ongoing. If average punters sold all their SLV and moved into PSLV it would be a double whammy. 

 

[Spark268]

the WSS/WSB crowd is being investigated by the CFTC for market manipulation in the Silver market, according to Roman Manly's latest article over at bullion star.

Apparently, all the Physical/SLV memes will be poured over by the regulators 🙄

 

 

[Stacktastic]

On 05/03/2021 at 17:33, Spark268 said:

the WSS/WSB crowd is being investigated by the CFTC for market manipulation in the Silver market, according to Roman Manly's latest article over at bullion star.

Apparently, all the Physical/SLV memes will be poured over by the regulators 🙄

 

They should have left it at GameStop. 

Silver is too important and more appropriately owned and managed by big banks, wgo have a lot of influence/power. 
Heads will roll, i would not be surprised if a few millennial bedroom warriors go behind bars as an example. 

[Spark268]

not sure why they deserve jail.

basically, anybody who has sold silver legitimately since Jan-29 is a victim of the manipulation that appears to have occurred since Feb. On Feb 2nd, someone woke up at 3am and decided to sell a massive amount, causing its price to crash 10%, whilst the rest of the world has been buying.

The bullion dealers are not really losers here, they recognised the demand and protected themselves with massive premiums. This is fair business practice.

This market, if you can still call it that, defies common sense. More demand equals a larger price - supply for silver is very inelastic and there's barely any left.

Edited March 7, 2021 by Spark268

[Stacktastic]

16 hours ago, Spark268 said:

not sure why they deserve jail.

 anybody who has sold silver legitimately since Jan-29 is a victim of the manipulation

totally agree. 

[sixgun]

GameStop reported earning last night - crappy figures as expected. The stock is tumbling - as expected as reality sinks in. The chatter on Reddit is so inane - a lot of naïve people will have lost a lot of money. The company is not a viable concern but it has been viable for me to keep selling calls - i suppose it was good whilst it lasted.

Look at this insanity.

https://www.reddit.com/r/wallstreetbets/comments/mc5ku7/this_is_how_i_start_my_day_also_watch_it_again_as/

 

[Stacktastic]

On 24/03/2021 at 14:39, sixgun said:

GameStop reported earning last night - crappy figures as expected. The stock is tumbling - as expected as reality sinks in. The chatter on Reddit is so inane - a lot of naïve people will have lost a lot of money. The company is not a viable concern but it has been viable for me to keep selling calls - i suppose it was good whilst it lasted.

Look at this insanity.

https://www.reddit.com/r/wallstreetbets/comments/mc5ku7/this_is_how_i_start_my_day_also_watch_it_again_as/

 

This is what worries me about the market as its full of people like that sat at home with money they have not earnt. I guess i am one of them, but I do have some sense. Ie not holding an over inflated stock that has little value,  hoping it goes up or as a matter of principle. Just look at the silver stocks. 

Edited April 1, 2021 by Stacktastic

[Stacktastic]

AMC looks good pre market today!!
Could be a good week.

[sixgun]

Still selling PUTS and CALLS in GME. Requires fairly deep pockets as the brokers don't apply margin to these very volatile options..
 

Edited June 14, 2021 by sixgun

[Kraken]

It's interesting to see how things have changed since February.

GME is now basically persona non grata on WSB and is universally dumped on by the media, but despite that it's been in triple digits since March, and over $200 for weeks now.

I actually believe that GameStop is a good turnaround play, considering that the company is making moves to modernise its business model, has raised a lot of capital, and wiped out its prior debt. A short squeeze is just icing on the cake (and no, the shorts haven't covered, despite what the media would have you believe).

[sixgun]

11 hours ago, Kraken said:

It's interesting to see how things have changed since February.

GME is now basically persona non grata on WSB and is universally dumped on by the media, but despite that it's been in triple digits since March, and over $200 for weeks now.

I actually believe that GameStop is a good turnaround play, considering that the company is making moves to modernise its business model, has raised a lot of capital, and wiped out its prior debt. A short squeeze is just icing on the cake (and no, the shorts haven't covered, despite what the media would have you believe).

Irrespective of whether Gamestop does rise from the ashes it is way overpriced. There is a lot of competition from game makers with gaming going online, so it feels like Gamestop is behind the pace and will eventually fall by the wayside. i keep selling well out of the money options and with so much volatility priced in, these are a money making machine to me.