Today Gamestop shares are crashing down over 55% going into the close. It’s a disaster for anyone who bought in the idea that millions of small investors could make the stock go up forever, but the reality is the stock never really was a story of small investors against hedge funds, as giant hedge funds, insiders, and institutional investors owned most of the float and made almost all of the money. I talk about two of those key players in this video.
The narrative created around the WallStreetBets board and promoted by almost everyone on TV and on the internet wasn’t real and today’s move in silver shows that the idea that they had the power to short squeeze silver wasn’t real either. The outlook for silver isn’t doomed though.
I talked about that in a post I wrote this morning before the open: