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Wall Street Silver Redditors Continue Buying Silver ETFs

Silver ETFs
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EDITOR NOTE: Investors are currently pulling their money out of gold and silver ETFs — at least traditional ETFs. An interesting development is taking place online where Redditors are actually buying into silver ETFs at a high rate as many conventional investors are pulling out, according to Mining.com. Since last May, the “Wall Street Silver” community on Reddit has grown by 75%, with 128,000 new members. While other ETFs are falling Sprott Physical Silver Trust (PSLV), an ETF favored by the online investing community has risen three weeks in a row by a total of 31 tonnes to 4,725.44 tonnes. This is an interesting trend to keep an eye on as Reddit groups have caused big market movements in the past, such as the GameStop situation earlier this year. 

While investors are once again pulling money out of the largest gold ETF, the “Wall Street Silver“ community seems to be continuing to buy heavily into the silver ETFs.

Holdings in SPDR Gold Shares (GLD) fell below 1,000 tonnes this week for the first time since April 2020. The operator puts inventory at 998.52 tonnes as of September 8, 2021, representing a decrease of 1.74 tonnes, or 0.17% from the previous week.

During this period, a net additional $101 million has been withdrawn from the fund. Since the beginning of January, there are now net capital outflows of $9.59 billion.

Officially, each GLD unit certificate is physically backed by 1/10 ounce of gold.

The same trend is taking shape in the largest silver ETF — iShares Silver Trust (SLV) — whose holdings fell 93.75 tonnes or 0.55% from the previous week to 17,040.54 tonnes.

According to the securities prospectus, 1 ounce of silver is stored for every SLV share issued.

However, according to the latest article by Germany’s Goldreporter, an alternative silver ETF is gaining further traction.

Sprott Physical Silver Trust (PSLV), which has been promoted by the online community since early 2021, has now risen three weeks in a row by a total of 31 tonnes to 4,725.44 tonnes.

The fund has gained nearly 2.5% in NAV over the past year.

Meanwhile, the “Wall Street Silver” community on Reddit continues to grow, adding 128,000 members since last May, a 75% increase.

Original post from Mining Dot Com

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