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Can Reddit's silver 'apes' beat the market?
By Peter Hobson
Friday, July 9, 2021
LONDON -- Kerry Kraker, 56, has worked in kitchens all his life. Since March he's spent around $100 a week -- half his spare cash -- on silver coins. He's part of a growing social media movement who say they are buying bars and coins for protection from a coming age of inflation.
Thanks to a community of like-minded silver "stackers" gathering on social-media platform Reddit Inc., Seattle-based Kraker says he also feels empowered.
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"They are so encouraging and so convinced in the changes they can cause," Kraker, who lost his home in the financial crisis, told Reuters.
Inspired by Reddit forum WallStreetBets, some of the 122,000-strong community hope to corner the market and bring down what they say is an unjust banking system.
Market professionals say that is unlikely to succeed - there is plenty of silver, and central bankers in the United States and Europe expect inflation to stay in low single-digits. ...
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