What’s Next for Silver? Over the coming weeks we expect the short-term consolidation above $35 to resolve to the upside. Silver should next target the upper (blue) band of the rising primary trend, which will come in near $39, following which, we expect a pause and continued consolidation in the upper $30’s into the second half of the year. Lessons from History The stair-step fashion in which silver has been rising for the last three years makes it a perfect bull market for the achievement of higher prices with little fanfare. Remember back to 2010 - 2011: following the break above $17 in August 2010, silver nearly tripled in just 8 months, to $50 per ounce in April of 2011.Was this move sustainable? Absolutely not. Following silver’s 2011 peak, the precious metal declined for 5 years, losing 72% of its value into the 2015 bottom at $13.65.The lesson? We do not want to see silver tripling in value over just a few short months. Such moves are unsustainable.The good thing for current investors in the precious metals market is that silver is showing no signs of any sort of unsustainable trajectory as it did in 2011.Instead, the market continues to stair-step its way higher, with higher-highs and higher-lows being printed every several months. Meanwhile, the market is attracting little fanfare.This is the perfect backdrop for a continuation higher back toward the 2011 peak near $50 per ounce.
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