A Gamestop catalyst fixes its sites on metals



[ad_1]

Precious Metals is hoping to get a look from the crowd that pushed Gamestop, but a major player is investing in EV Metals.

Billionaire investor Chamath Palihapitiya said on Twitter on Tuesday that he bought $ 115 worth of calls on Gamestop. The move was part of a shorter squeeze, a Wall Street vs. Reddit vs. Main Street. Palihapitiya has a large following on Twitter, 974,000 followers.

Gamestop stock skyrocketed after the company became a celebrity cause. The company was heavily bypassed by hedge funds. The Redditors took the other side of the gamble, and the surge means funds will now suffer heavy losses.

Business Insider estimates that Palihapitiya’s 50 options to buy on GameStop, worth around $ 125,000, have climbed 300%.

The former Facebook executive and now founder of Social Capital told CNBC yesterday that he took profits from the trade. He also tweeted today that he has added to his stance on lithium, nickel and cobalt.

In the Twitter thread, he further explained that he was buying EV material miners.

Materials for electric vehicles are expected to increase as governments around the world invest in the energy transition.

Mining Twitter wondered what could be if the Gamestop crowd turned their attention to precious metals.

An article in Reddit’s Wall Street Bets (WSB), the subreddit credited with leading the pressure on Gamestop, has an article on money with over 2,500 upvotes.

Perhaps this reflects too little interest with the top daily posts on the BMS with over 100,000 likes.

Warning: 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 for informational purposes only. This is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept any guilt for any loss and / or damage resulting from the use of this publication.



[ad_2]

Source link