1. 22,622 Posts.
    lightbulb Created with Sketch. 2055
    ..based on overnight trading

    This is silver in China traded in Kilograms. Convert to troy ounce by dividing by 32.15. Then convert Yuan to USD by dividing by 7.2354. Silver is trading for $36.75/oz in Shanghai.

    On a consolidation day for metals everything you'd want to see happen played out. - Silver outperformed gold - Silver outperformed SPX - $SILJ and other miners outperformed silver - $GDX outperformed gold

    Silver – Breaking through Key Resistance By Florian Grummes With prices closing around $31.50, the strong resistance zone is already broken. The next target now sits around $35. Above that, the all-time high at $50 would be coming into play.

    this from David Morgan
    SFE rumor: This time, the long money was very aggressive, which has never been seen before. Off-site physical silver sellers are adjusting prices upwards—two times today. According to this source, the silver supply crisis and revaluation are approaching.

    ...silver miners have lots to catch up and is outperforming silver in a big way. Lots of silver miner stocks trading very much lower than their all time highs during 2020-21 bull, with big grounds to make up.

    Silver miners versus SPX. Moving up (silver miners winning)

    SIL (Global X Silver Miners) +2.04%
    SILJ (Amplify Junior Silver Miners) +2.24%

    ..this in Toronto overnight
    AAG +10%
    BIG +6.5%
    DEF +11.0%
    EQTY +9.0%
    GPAC +6.5%
    GRSL +3.0%
    GSVR +13.0%
    KTN +5.0%
    MGG +8.0%
    OCG +6.0%
    RDG +10.0%

    With silver flying higher this past week to $31, Bob Moriarty says "He's never seen silver move this fast...". Bob is the founder of
    I have never seen silver go up this much in one day...silver's up $1.83 with gold up $ any case literally, I wrote a piece two days ago and I said sentiment showed that gold and silver are going to continue higher.
    - Bob reveals one of his top gold shares indicators.
    What we should be looking for now, is: Does these sentiments of investors in resource stocks match the sentiment of investors in the gold and silver?
    Now, gold and silver are wildly bullish today and gold share investors are not...and that tells me the rally will continue and it could continue frankly much much higher.

    Silver Seeing Historic Upside Breakout Above $32 As Gold Nears $2,450, But Take A Look At This…
    May 20, 2024

    Silver just had a historic upside breakout above $32 and as the price of gold surges near $2,450, but take a look at this…

    May 20 (King World News) – James Turk:  There has been some manic buying of the precious metals by the shorts covering some of their positions, Eric, but that’s not the reason gold and silver are heading higher. Gold and silver are climbing higher because they are undervalued, particularly silver. And because they are undervalued we can reasonably expect higher prices in the future. Any short squeeze that develops will just add more buying power to this precious metal bull market.

    I recommend that everybody listen to your interview with Pierre Lassonde to hear his gold price projections, with which I agree.

    As bullish as I am about gold, I’m even more bullish about silver. In other words, silver will outperform gold, which is what it has been doing the past few weeks.

    The gold/silver ratio was near record levels when it was in the 90s and has now fallen to 78 ounces of silver to one ounce of gold. Nevertheless, by historical measures the ratio is still way up there. It fell to 30 in the 2008-2011 bull market, and there is no reason why it can’t fall to that level again, or maybe even toward the 16 level that prevailed when silver circulated as coinage.

    The ratio may go even lower because when viewed by weight, only about 10-times more silver is mined each year than gold. It’s a key difference between gold and silver and highlights why the ratio has been so high.

    Silver these days is mainly an industrial metal. In contrast, gold’s demand is almost entirely from its monetary usefulness, with little industrial usefulness in part because of its high price. Even though silver no longer circulates as coins, it hasn’t lost its monetary usefulness.

    Silver is a gold substitute in the sense that when you own physical silver, you achieve the same outcome as owning physical gold. Both are a monetary asset outside the banking system without counterparty risk and both preserve purchasing power, but with silver you get the potential outperformance if the ratio falls.

    Importantly, silver’s monetary demand is only now starting to kick in. This new demand will continue I expect, and if I’m right, it will drive the silver price higher more rapidly than gold, resulting in a falling gold/silver ratio.

    I suspect that silver’s industrial demand won’t decline much, if at all, with higher prices. There is a growing demand for silver in solar applications, and there is no practical substitute for silver’s usefulness in solar.

    The key point, Eric, is that the precious metals accumulation strategy we have discussed so many times over the years is paying off, and will continue to do so because the future for the dollar and all other fiat currencies looks bleak. Consequently, it’s bright future for physical gold and silver. And here’s how bright I think the future might be.

    I’d like to start with the following chart, with which KWN viewers are now familiar. It’s the silver chart of spot prices at their weekly close in New York.

    Weekly Chart Shows Silver’s Powerful Upside Breakout From Reverse Head & Shoulders Pattern

    It’s a breakout from the huge base formed as silver was being accumulated. As I often say, sometimes history repeats, so look at this chart of the monthly close of spot silver going back twenty years, prepared on a log scale.

    20 Year Monthly Chart Also Shows Silver’s Upside Breakout From A Reverse Head & Shoulders Pattern

    I’ve drawn a red line to delineate the 2008-2010 accumulation pattern. It’s similar to the base from which silver is now breaking out.

    Look what happened back in 2010 after the breakout. Silver rose about 220% in seven months. If history repeats, silver would reach $70 or so by the end of this year. But let’s look at its price potential another way.

    Let’s assume that gold is going to $3000 and at the same time, the gold/silver ratio continues falling to reach 30. Those assumptions and the math put silver at $100.

    Will it happen? Frankly, given the bullish fundamentals and an even stronger and bigger base this time around, my guess is that price will be exceeded, probably not by the end of this year, but not too long after that.

    Billionaire Lassonde Says Gold Headed Thousands Of Dollars Higher

    To listen to billionaire Pierre Lassonde discuss what he is buying right now as well as the wild trading he expects to see in the gold and silver markets CLICK HERE OR ON THE IMAGE BELOW.
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