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Eric King: If only the Reddit crowd would buy real silver, not paper
4:32p ET Thursday, January 28, 2021
Dear Friend of GATA and Gold (and Silver):
In an interview today with Chris Ritchie, CEO of SilverCrest Metals, Eric King of King World News notes that if the Reddit boys and girls who see opportunity in silver bought the metal itself instead of the silver exchange-traded fund SLV, they might make a big difference.
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One day's trading in their recent favorite stock, GameStop, totals about $25 billion, an amount that could have purchased more than the world's annual silver production, King says.
It's a lovely thought but it's unlikely that the boys and girls will think that deeply. Instead they'll probably buy SLV (and, for gold, GLD), securities that for all practical purposes to the ordinary investor are just unbacked paper that effortlessly can be increased by any volume.
The interview is posted at KWN here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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