Precious metals hope to gain insight into the crowd that took Gamestop, but a major player is betting on EV metals.
On Tuesday, investor Billionaire Chamath Palihapitiya said on Twitter that he bought $ 115 call options on Gamestop. The move was part of a broader grip, a Wall Street against Main Street powered by Reddit. Palihapitiya has a large number of social followers on Twitter, 974,000 followers.
Gamestop’s stock soared after the company became a celebrated cause. The company was heavily sold by hedge funds. The Redditors took the other side of the bet, and the race means that the funds will suffer heavy losses.
Business Insider estimates that Palihapitiya’s 50 money-buying options on GameStop, worth about $ 125,000, have risen 300%.
The former Facebook executive and now founder of Social Capital said yesterday on CNBC that he made profits from the trade. He also tweeted today that he added his lithium, nickel and cobalt position.
dear newspaper, today was very busy:
1. I bought some YOLO connections at $ gme
2. Did you announce that I’m running for governor of CA?
3. bought more Li, Ni and Co battery supplies
4. completed details of a new insurance company that I co-foundeddetails of # 4 next morning tmr. lmk what do you think …
– Chamath Palihapitiya (@chamath) January 27, 2021
On the topic of Twitter, he elaborated further that he is buying miners of EV material.
Electric vehicle materials are expected to increase as governments around the world are investing in the energy transition.
Mining Twitter questioned what could happen if the Gamestop crowd turned their attention to precious metals.
If you think the short grip #GameStop it’s epic, wait until you see what happens to #gold and #silver when those sold in those markets are forced to cover. GameStop can easily issue more shares, but it will be very difficult to find new physical gold and silver supplies to deliver!
– Peter Schiff (@PeterSchiff) January 27, 2021
Could you imagine if @wallstreetbets moved to Comex #gold AND #silver market …. AND I AM FOR DELIVERY !!! Oh man, now that would be EPIC !! @InvResDynamics @ArcadiaEconomic @TFMetals @ silverguru22
– Trevor Hall – Mining stock daily (@TrevAHall) January 27, 2021
A post on Reddit’s Wall Street Bets (WSB), the sub-reddit credited for leading the Gamestop squeeze, has a silver post with more than 2,500 positive votes.
This may reflect very little interest with the top daily posts on the WSB with well over 100,000 likes.
Legal Notice: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. It is not a request to make any exchange of goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article are not responsible for losses and / or damages arising from the use of this publication.