- GameStop investors shouldn’t see silver as their next big opportunity, TG Macro founder Tony Greer told Real Vision.
- The market analyst said Wall Street Bets fans are choosing bad targets and risking heavy losses.
- Here are Greer’s seven best quotes from the discussion.
- Visit Business Insider’s homepage for more stories.
GameStop buyers who have shifted their focus to silver are making a big mistake, TG Macro founder Tony Greer said in a RealVision interview this week.
The market analyst – who edits the Morning Navigator daily newsletter and previously worked in Goldman Sachs’ commodity-trading division – argued that Wall Street Bets members are oversimplifying narratives around meme stocks and other assets, picking poor targets, and putting themselves at risk of heavy losses.
Here are Greer’s seven best quotes from the interview, lightly edited and condensed for clarity:
1. “I’m seeing the younger generation fry itself in meme wars. Unfortunately, you leave a lot of facts out when you start meming the crap out of every story on Earth. We’re watching the Icarus print of the market meme burn itself to shreds right now.”
2. “A whole bunch of them made a whole bunch of money in GameStop. But the reality is the weakest of those traders that waded into GameStop last are the ones that probably got caught holding the bag too, and lost a whole bunch of their own money.”
3. “The GameStop guys went after American Airlines, they went after silver. I’m inspired by their spirit, but they’re trying to create a short squeeze in an airline that has been depressed for 10 years, and trying to create a squeeze off of the lows in a holding that every mutual fund has been choking on for 10 months. I’m sorry, man, but you’re just going to wake up sellers.”
4. “They are not comparing apples to apples with GameStop to silver. They’re two different animals, and they will not behave the same when under attack.”
5. “They’re getting an education the hard way. There’s a lot of money being incinerated and there’s a lot of hot air being wasted on this story that’s not taking it in the right direction.”
6. “These guys are running their head into a wood chipper, and it doesn’t seem like it makes sense.”
7. “We mined 800 million ounces of silver a year. We don’t mine any new shares of GameStop ever. These guys, I think, learned that higher prices in precious metals wake up sellers who own the precious metal and have another year’s worth of production that they may like to hedge.”