Despite the negative publicity and even political attacks that the Robinhood brokerage firm and app has had last week more people are opening up accounts with them and more of their customers are piling into Gamestop Corp. (NYSE: GME) stock.
Robinhood provides its customers with a list of the 100 most popular and widely owned stocks and ranks them by the number of people who own them. On Thursday morning Gamestop Corp. (NYSE: GME) was number 23 on this list and by Saturday morning it was number 15, showing that many additional customers, probably several hundred thousand, bought the stock to add to their account.
On Friday Gamestop Corp. (NYSE: GME) was the 12 most actively traded mid-cap/large cap stock on all of the US stock exchanges, while AMC Entertainment (NYSE: AMC) was number one, doing over 500 million shares of volume and has also been targeted as a stock with a huge short position to buy by the WallStreetBets Reddit message board community. That community itself had 4.1 million members on it as of Thursday at 2:00 PM EST and gained over 2.6 million additional members by Saturday morning.
All of this demonstrates massive herd activity in the financial markets. The WallStreetBets message board also has targeted silver investing and the iShares Silver Trust (NYSE: SLV) exchange traded fund as something to buy. The ETF went up 1.09% on 113 million shares and helped to fuel sympathy gains in silver mining stocks both large and small. On Friday, Robinhood also restricted trading in it to no more than five shares, along with 50 additional stocks.
This trading action in silver has gotten the attention of many so called “silver bugs,” such as Steven Tremblay, a private investor whose tagline on Twitter is, “I am an investor that strongly believes we are in the biggest debt bubble in the history of mankind. I am a strong believer in gold, silver, and health.” He was interviewed by Palisades Radio in this segment.
Steven Tremblay calls silver a “miracle metal.” Time will tell if more of the WallStreetBets and Robinhood herd buys enough of it to get silver ETF’s and stocks to appear on the Robinhood top 100 list. None have yet.