Business
#silversqueeze is probably phoney. Here’s why – Stockhead
Is #silversqueeze fake news? Here’s why “it would not make sense for a bank to be tremendously short on a commodity”, especially silver.
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The battle over US stock GameStop represents an extraordinary fight between rich instos and the disgruntled retail class.
Its a powerful narrative and, so far, retail appears to be winning.
Melvin Capital, the hedge fund at the centre of the GameStop drama, lost 53 per cent of its value in January.
Short sellers like Melvin borrow a stock (for a fee) and then sell it, expecting it to fall in value. They buy back the stock at some point and return it to the original owner.
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