At the end of 2024, I posted my annual prediction for precious metals with gold already nailing its year end target earlier than I even considered but with silver lagging behind. The following is what was stated:
Silver finally starts to roll finishing the year around $48 per ounce with a $20 range up and down from that target.
The Silver Surfer has finally awakened from his slumber and is now poised to make this dramatic move.
If my readers or listeners have followed any of my social media postings or commentary on the MacroEdge Radio program on precious metals, I have consistently said that the technical breakout area is between $35 to $36 per ounce with a high weekly volume close. Last week, that finally happened and the market broke cleanly above $36 per ounce.
Now that the long term consolidation has broken to the upside, the next target price is purely psychological and will create the “FOMO” (Fear of missing out) component to complete the next leg of the rally once the price breaks above $40 per ounce.
After that the next resistance level is quite easy to see:
Now in my prediction, I stated a $20 range, but now that we’ve broken out of the lower part of that range near $28 per ounce, it’s easy to see the higher end breaking out above $48 before the year is out. FOMO should push people to going back to checking their dimes and quarters and cleaning numismatic dealers out of their silver dollars and bars at a frightening pace.
Do not be shocked if at some point silver doesn’t rally above $70 per ounce only to decline back into a new consolidation range between $48-$50 per ounce. Of course it can proceed to much higher prices if the Federal Reserve or US Government decides to act the fool but no way that could happen again now, could it?
Got Silver?
Cover image via @grok on X.
