At the moment the price of silver is $21.18 and seems to be slowly dropping. BoAs bet seems to be moving to break even.<p>Silver at most moves small amounts, not "hundreds".
Reminds me of this Wall Street Bets post: <a href="https://www.reddit.com/r/wallstreetbets/comments/mbx510/slv_is_a_complete_scam_its_a_scalp_trade_set_up/" rel="nofollow">https://www.reddit.com/r/wallstreetbets/comments/mbx510/slv_...</a><p>Basically says the silver market is manipulated to crush retail investors.
The way this guy writes does not inspire confidence, he doesn’t seem to know what he’s talking about. He’s made a pretty big speculative leap about a large short position and then goes on to suggest that BoA would go under if they lost a few billion dollars (they have hundreds of billions in cash).<p>Nothing to see here unless you’re a conspiracy fan or somebody more legitimate says something.
Probably the most interesting paragraph of the article to me was:<p>>The seriousness of this issue is rooted in the scale of the numbers. If Bank of America is short 800 million oz of silver, as the data in the OCC report strongly suggests, then that means every dollar higher in the price of silver translated into an $800 million open (unrealized) loss. Every $10 move equates to an $8 billion loss. A hundred dollar move higher from here equates to an $80 billion loss. Can BofA fund such losses or will taxpayers be called upon to bail the bank out? Even the slightest hint of such a development should be enough to require immediate clarification from the regulators and BofA and there’s a lot more than the slightest hint in the OCC report.
23 minutes old, 21 points, zero comments - I've been on HN for a bit now and this is the first time I've seen something pop off of new without at least a discussion starting. Seems slightly suspicious, at least to me.
Seems like the whole finance industry continues to cheat until they get caught. Why wouldn’t they after that 2008 when everyone lost all their money and they got massive taxpayer dollars??<p>The descent into naked oligarchy continues.