Robinhood raises US$3.4-billion in funds from investors in a week

Give Them No Respect: Elon Musk As Reddit Users'Punish Wall Street

Wall Street began to rebound from last week's losses amid anxiety over the chaos fueled by the speculative trading frenzy cheered on by the Reddit forum WallStreetBets and other online communities.

Silver prices settled higher Monday as the Reddit mania surrounding heavily shorted stocks spread to the metals market.

"IT'S A TRAP!" one Redditor warned, though no one really seemed certain.

The consternation over the stock price surges at GameStop and AMC is rooted in their disconnect with their financial performance-both companies are losing money, made worse by the pandemic lockdowns.

Users saw an opportunity for what is known as a "short squeeze", in which rising share prices force short sellers to buy more of the stock to cover their losses.

Several major dealers of silver, gold, and other precious metals say they're encountering shortages of silver, in particular, after some Reddit users in the popular forum WallStreetBets called for users to create a run on the precious metal.

Webull, a Chinese-owned trading app, became the second most popular app in the US last Thursday, the day online brokerages imposed restrictions on retail investors buying GameStop, AMC Entertainment and several other volatile stocks.

Heeding global calls, Israel to send 5000 vaccines to Palestinians
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The erratic trading in shares of underdog companies like GameStop that turned markets combustible last week appears to have migrated to commodities, sending silver prices surging to an eight-year high.

Still others suggested that the silver squeeze is an attack coordinated by hedge funds so they can keep up the GameStop battle.

The latest surge comes as the damage to one Wall Street firm becomes clearer. "It's all about momentum; if the futures market also gets behind this move, they could add fuel to the fire, so the NY open would be very interesting", said Ross Norman, an independent analyst. "I think we're going to see more pain felt potentially by the retail investors that are in effect bidding up the price of GameStop", she predicts. The price was up sharply before the opening bell.

"Robinhood chose to deny its customers access to the marketplace despite profiting off the customers who it lured in under the promise of market participation", said Michael S. Taaffe, with the law firm. Warren noted that the video game retailer's stock was up 1,700% this month and wanted to know what the SEC will do to prevent similar stock-market swings in the future.

On Monday, White House press secretary Jen Psaki was asked about GameStop and said that the incident/market volatility raises "an important set of policy issues".

"Due to extremely high weekend volume, we can not accept any more new orders until global markets open on Sunday night".

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