Reddit is one of the largest digital platforms in the world, and its user’s latest target is none other than our very own Perth Mint.
Earlier this year, Reddit took aim at certain stocks like GameStop and Dogecoin in an attempt to rally together to raise their value, now Redditor’s are starting an online campaign in hope of artificially inflating the price of silver for their own short-term gains.
Reddit users have decided to target Perth Mint after a user on the platform said that the refinery has ran out of silver.
“My friend just called Perth Mint asking to claim his 300k of unallocated silver that he bought last year. They told him that they will put him on the waiting list and couldn’t give him any specific date for a delivery. They told him for big orders could be over a year,” the post written by user OK_Airline_7948 reads.
Many other users have backed up this story in comments saying that they also went to the mint in person and were unable to buy any silver. The Reddit group is aiming to buy as much silver today as possible with the sentiment that the more in demand something is, the more its worth will be driven up. Here’s a deeper dive on why silver is important to Perth Mint.
However, Perth Mint metal refinery’s chief executive, Richard Haye’s, has told The West Australian that he predicts that the mass buy will fail “quite dismally”.
“The keyboard warriors have been circulating a variety of information over the past couple of weeks that the Perth Mint doesn’t have silver, Perth Mint has run out of silver, Perth Mint doesn’t have enough silver to sell to its customers — none of which is true,” Hayes said.
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Hayes has explained the drive behind the predicted rush buy.
“One way they try to prove the market is short of silver is to have a raid day here in Australia, a raid on the Perth Mint, presumably people will be calling us, queueing up at the gates, to buy silver, and their hope is we won’t have it,” Mr Hayes revealed.
The current price to buy silver at Perth mint is roughly $24,000 for 1000oz silver ingot. Haye’s has said that they currently have 60 tonnes of silver in the vault, and has encouraged Redditor’s to invest in it.
“We have more than adequate silver to fulfil whatever orders are out there,” he said.