Move over Wolf Of Wall Street and The Big Short – there’s another movie coming your way.
It was a true David vs Goliath battle, between amateur investors and big-time Wall Street hedge funders who found themselves being played at their own game.
In case you missed the whole Gamestop chaos, here’s a brief rundown: a popular Reddit page called WallStreetBets noticed that game store GameStop had a huge amount of short trades made against it. A short trade is where someone “borrows” a stock from someone else, sells it, waits for the price to drop to buy it again at a profit and then gives it back.
Wall Street hedge funds made thousands of these trades, expecting the ailing store to collapse and their stock price to drop. Instead, redditors jumped in and pushed the prices right up. Shares in the company have risen by over 1,700 percent since December.
Silver Screen Interest
So what happened next? MGM Studios has now acquired the rights to a film about the Reddit group, WallStreetBets.
Many people had been comparisons to The Big Short on social media when it was first kicking off, and memes have been popular, mostly featuring Margot Robbie.
A team of filmmakers is being put together for the movie.
The rights are linked to a proposed book called The Antisocial Network, which is set to be written by Ben Mezrich.
He also wrote the book that was adapted to the academy award-winning The Social Network film.
Time is of the essence with any trend, and the book proposal was only submitted last Friday.
The owners of GameStop have made a significant profit from the public getting involved. The Wall Street investors on the other hand lost millions.
As well at introducing many people to stocks and shares, the likes of DOGEcoin also received a boost when Elon Musk tweeted about it.
Now, the prices of silver are increasing too.
It seems that more people are getting excited and involved and researching more options, including precious metals.
The silver futures increased by as much as 13% to Monday. They’re now at a five-month high.
Potential customers were being warned over the weekend that silver sellers couldn’t meet the demand for silver bars and coins. This caused “#silversqueeze” to start trending on Twitter.
It could also be down to WallStreetBets again. They were talking about the iShares Silver Trust ETF last week. Some of the users think this could be the next way to hurt the big banks. Many users think the banks are artificially suppressing prices.