A little more than a year ago, hardly anyone was paying attention to silver.
And a negative outlook was posited among the relatively few who were discussing silver. For example (GoldMoney, April 13, 2023):
Silver in a recession
However, our April 2023 Elliott Wave Theorist offered this perspective:
Among all the world’s seasoned investments, [silver] is the cheapest.
That issue of the Theorist also showed this chart and said:
Silver is probably the only commodity on earth selling for less than it did 43 years ago. It sold for $50/oz. in January 1980 and today is selling for only half that value, as you can see in the chart.
The Theorist did not say that the price of silver would immediately begin to rise. Indeed, trading was choppy for some months thereafter.
Yet, by May 17 of this year, Bloomberg had this news item:
Spot Silver Tops $30 an Ounce to Hit Highest Since 2013
- Precious metal surged as much as 6.8% in [May 17] trading
- Silver is one of the best-performing metals this year
No market goes straight up or down, and in the few weeks since silver hit that high, prices did pullback.
However, our June 17 U.S. Short Term Update noted:
If the decline from May 19 is … taking the form of [a classic Elliott wave pattern], then silver should rally sharply in the days ahead.
As I glanced at trading action on June 20, silver was up 4.25% intraday and trading north of $30, then declined somewhat on June 24.
Now is the time to learn what we anticipate next.
Both the Elliott Wave Theorist and U.S. Short Term Update are part of our flagship Financial Forecast Service, which you can check out by following the link below.