The Presstitutes all but ignored the fact that this week, Silver continued making historic highs. Meanwhile, silver bugs are calling for Silver to break $100 or more.
And today we have a self-proclaimed silver expert who goes by the handle of SilverLoneRanger, giving us his $0.25 cents worth (adjusted for inflation) on the path of silver.
So, take it away SLR…or should I say “Hi, Yo, Silver! Away!”
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Hello James.
I just want to say that I love the fact that, this week, you featured the Silver explosion taking place in an email titled: Silver Squeezed to Historic High…Platinum Next?
And you’re right about platinum too in that it historically mimics the price of gold…and often higher in price.
BTW Platinum is trading at $1,758 as I write…over 30% higher than when you wrote about it in July.
But let’s get back to silver.
Some history first. I have been buying silver for nearly 25 years. And have made tons of money trading it.
But I’ve also been stuck holding silver for a long, long, time without seeing any positive results.
My first purchase of silver was in late 2002 at $4.00 per ounce. And within 18 months I doubled my money and sold it at $8 per ounce.
I thought I was a genius.
But within the next year it was up to $15 per ounce and I felt really stupid.
So, like most investors who try to make up for their mistakes I chased it up and bought more at over $16 per ounce and watched it go to $19.25.
Patting myself on the back again I was determined not to make the mistake of selling too soon…only to watch silver take a nose dive down to $8.75 in November of 2008.
However, this time I doubled down and decided to ride it out because I started to recognize a pattern with silver.
And the chart in your email of Silver’s multi-decade cup and handle model kept me from selling.
From there it went to $50 in a little over 2 years.
Silver to $100?
I unloaded a big chunk at $44 with the idea of buying back more if/when it dropped.
What I didn’t know (until I saw your chart) was that the $50 price was the second high-water mark for silver and completed the “CUP” portion of it.
Then came the handle and the drop in price.
As it fell, I bought more at $35, then $25 and last purchase was at $16.75 during the Covid Scam that brought everything down in price.
My point is, regardless of the length of time to recover my losses I now see that the run to (currently $63) is only the beginning of a sling-shot event.
And history suggests that this breakout in Silver is in the early stages…ESPECIALLY in silver mining stocks.
The reason is when silver crashed in 2011 the miners got killed and it was costing them more to take silver out of the ground than it was selling for in the open markets.
But thanks to technology and cost savings in production, the cost of creating a one-ounce silver dollar is WAY under $20 per ounce.
Like you say…Do the Math!
Profitability is going through the roof every time silver goes up.
And based on the charts (I’ve become an expert on them as well) silver’s target initial resistance should be at the $65-68 level.
And when it exceeds that, then our next target will be $80-83.
Tighten your seat belts because long term it could easily go to over $250.
I’ll rant more about that later.
Hi, Yo, Silver! Away!
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Great rant, SLR. And many thanks.
And we loved the Lone Ranger memes too, LOL!
We’re on the same page and will feature silver mining stocks in our December newsletter (HERE).
In the meantime, we would suggest our readers buy on weakness.
As always, if you – our Dear Readers – have a rant you would like to share then please send it to us.
You never know whose life will be affected by it.
And if you want to see some NSFW rants then go (HERE).
Share this with a friend… especially if they live in Minnesota. They’ll thank YOU later.
And tell them:
