Reddit users continue to shake the balance in the stock market. Reddit investors, who increased the value of the company by investing in GameStop last week, this time turned to raw materials.
Reddit brokers who invested in a limited number of mining companies in Australia also led to a surge in commodity prices. Argent Minerals gained 60 percent, while Investigator Resources valued 47 percent.
This increase in mining companies also caused a rise in the price of silver. The price of silver per ounce increased more than 10 percent to $ 29.74. In the early days of the Covid-19 epidemic, silver also surged like other commodities, reaching record levels in mid-August.
On the sub-Reddit called Wall Street Bets, where small-scale investors gather, it was claimed that the silver market was subject to a lot of manipulation. Therefore, small investors combined to invest in mining companies.
When Reddit investors invested in GameStop, the game company that doesn’t trade much on the stock market, the company’s market value jumped dozens of times. Melvin Capital was on the brink of bankruptcy, taking the position that GameStop shares of around $ 5 would fall further. GameStop shares had risen to $ 325.
Due to the aforementioned increases, the Robinhood app, where small investors traded on the stock market, stopped the buy and sell orders from Gamestop.