Silver Rockets from $27 - $30 Overnight: Reddit & GameStop Effect

#Silver #1000Silver #GameStop

Silver Rockets from $27 - $30 Overnight: Reddit & GameStop Effect

In today's video we following on from yesterdays which asked the question are we likely to see $1000 Silver This Week in view of what has happened recently with Reddit & Robin Hood & GameStop. We can see that overnight silver has already risen $3 and ask is this going to continue much higher.

Today is Monday 1st February 2021 and we are reporting that silver rose from $27 to $30 in just a few hours this morning GMT time or Overnight EST Time. On the back of our video yesterday entitled:

$1000 Silver This Week?
https://www.youtube.com/watch?v=JIoQkhJVdy4

In yesterday’s video we pointed out that

Towards the end of last week and especially on Friday we saw silver rise from as low as $24.76 to as high as $27.66 and closing at $27.05 still up some 6% for the week.

We highlighted that the Game Stop shares were boosted by activities carried out by large reddit groups utilising amongst others the Robin Hood app to short squeeze the stock resulting in the share price of GameStop rising from $68 to $469 in just a few days.

We also reported that this same reddit following were now going to target silver, at which point some commentators talked about the prospect of Silver potentially rising to as high as $1,000 an oz.

Now whilst we personally felt that was unlikely simply because the size of the silver market was such it would take more than a few hundred Reddit followers to raise the price sufficiently we nevertheless forecast an outlier price of silver between $24 - $30 this week alone in our weekly update published on Saturday.

We then added this caveat.

However, if there is a continuance of what we saw on Friday then $30 could certainly be breached and easily.

And commented upon silver potentially even hitting $40 or $50 again in the not-too-distant future.

We also pointed out yesterday that a number of bullion dealers were delaying sales and a number admitting that they were either out of or short of silver stock at least up to 100 oz; though our investigations discovered that 1,000 oz bars were still, at least for now in readily available supply. These suppliers including amongst many:

APMEX
JM Bullion
Provident Metals
SD Bullion
Bullion By Post

But there were many more.

Well over night EST time or early morning GMT and up to the time we are writing this which is 11.00 GMT we have seen silver prices jump over $3 from $27.05 to $30.10 and is currently manoeuvring around $29.35.

It is too early to tell where the price could go from here but to put it into perspective with the price of gold albeit up some $13 at $1860 the Gold to Silver ratio has fallen dramatically from its already low level of 68:1 on Friday to just 63:1 currently actually touching 62:1 a few hours ago.

We suspect the next move is likely to be higher but at $30.10 silver was at its highest level for 8 years.

Equity markets generally are higher both overnight in the Asia Pacific regions up between 1% - 2% and this morning in the UK and Europe broadly up by 1%

Silver mining and silver related shares have also been positively affected by what has been happening and some insiders claim that some of these stocks too may be individually targeted by this Reddit group of Investors.

We caution is not to get too carried away because once the Reddit group moves on from silver, and none of us know exactly when that will be, then we envisage prices to fall back quite sharply and quickly, and so do not get too caught out if that does happen. Meanwhile enjoy the up wave ride.

Important Links and videos:

Join us at:
https://www.illuminatisilver.com/sign-up-today/

Bullion Vault – Buy Gold & Silver
http://bit.ly/bullionvaultillumsilv

Richard & Greg – Discussion: Debate & Argument YouTube Channel
https://www.youtube.com/watch?v=MLWxmXToFCg&t=3s

Bitcoin/Crypto Training
https://bit.ly/3pNjaug

Rich Dad Summit from $1
https://bit.ly/39uZfKD

Gold, Silver and Rare Coins:
https://amzn.to/2PVinHw - (US & Overseas)
https://amzn.to/2EW8RO2 - (UK)

Stack Silver Get Gold:
https://amzn.to/37yIkUc - (UK)
https://amzn.to/33ca2md - (US & Overseas)

Bitcoin For Dummies 1st Edition
https://amzn.to/2VKUSmE

Cryptocurrency Investing For Dummies 1st Edition
https://amzn.to/36Nhidt

Cryptocurrency Mining For Dummies 1st Edition
https://amzn.to/2JREdv2

The Bitcoin Standard: The Decentralized Alternative to Central Banking
https://amzn.to/3lNieTs

Blockchain Bubble or Revolution: The Present and Future of Blockchain and Cryptocurrencies
https://amzn.to/3gdTjao

The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology that Powers Them
https://amzn.to/39KqPUj

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