WallStreetBets post says trying to squeeze Silver is a bad idea

Targeting a GameStop-like short squeeze-fueled rally in Silver may be a bad idea, as the metal's market is significantly more liquid and dominated by investment banks, someone from Reddit-based forum WallStreetBets (WSB) argued. 

The WSB traders recently launched a coordinated buying attack on an out-out-favor video game retailer GamestopGameStock, triggering a short-squeeze and bringing massive losses for some hedge funds. 

However, a Bloomberg report says money managers have had a net-long position on silver since mid-2019. The net bullish positions in silver were at a three-week high in the week ended Jan. 26, according to futures and options data from the Commodity Futures Trading Commission. Besides, hedge funds are currently net long 215 Million Oz. futures, as noted by market analyst Peter Brandt. 

Also, Silver's market cap is more than $1.2 trillion, and the metal's price is affected by global factors, which means large players, including the likes of JP Morgan, are involved. As such, a short-squeeze looks unlikely. 

Nevertheless, rumors of a potential short squeeze boosted physical demand for the semi-precious metal over the weekend, forcing Apmex, a prominent retail sales, to halt orders. 

Silver is currently trading at $28.17, representing a 4% gain on the day, having hit a 5-1/2-month high of $29.01 early Monday.