Did Silver Just Survive The First Big Test To Stop Its Epic Breakout?
Do even higher silver prices lie ahead?
The epic breakout in silver may have just survived a very important test.
After doubling from $40/oz in September to over $80/oz this past weekend, silver futures plunged by as much as -15% yesterday, the worst one-day correction in silver since 2021.
Concerns were rampant that silver had just experienced a “blow-off top” in the same way it had in 1980 and in 2011. And that a process of dropping to much deeper lows was in store next.
But prices found a floor today and have recovered up to over $76/oz as of this writing:
Did silver just prove it has the resilience to run to new highs from here?
Analyst Michael Oliver — who successfully predicted silver’s recent breakout — thinks so.
In his latest report he forecasts: “Silver is in the very early phase of that likely half-dozen or so months of vertical process.”
If he’s proven correct, this could be a good time to buy before the metal moves higher.
So, don’t forget the exclusive offer that Andy Schectman, CEO of Miles Franklin, has been kindly extending to the Thoughtful Money audience:
While supplies last, he’s willing to sell us junk silver at $1 *below* spot.
If you’d like to take him up on this offer, or talk with him & his staff about any other questions/needs you have regarding buying or storing precious metals, this is a reminder to just click on the button below and fill out the short form:
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Adam what are Mike Maloney’s thoughts on this?
I’ve followed both you and Mike since Peak Prosperity days. Are you both still on the same path… or not?
Silver (and gold) is definitely going to go too high. The big question is: how high is too high? Are we there yet? Probably not. Anatomy of a Bubble suggested that we need a good bear trap correction followed by a parabolic rise to a peak. Who knows? I’ve trimmed a little and will trim more aggressively at $100. Still, it’s been a hell of a ride!