There’s Even Greater Upside for Silver Than It’s for Gold, Once the Latter Confirmed an Upward Trend
Gold's breakout suggests a potential 2-3 year run to $3,500, with silver likely following, potentially reaching $88 per ounce.
Gold's breakout suggests a potential 2-3 year run to $3,500, with silver likely following, potentially reaching $88 per ounce. Gold (XAUUSD) has been trending since March, when it broke out with a big green candle through $2,070 (see green arrow below). Silver (XAGUSD) tried to come along for the ride and reached $32.50 in May, but it has been in a slight correction ever since.
Gold is telling us a story, and that story is that it wants to go higher. The GSR (gold-silver ratio) was 17 in 1980 and 39 in 2011, the last two times silver made a run to $49 (its nominal ATH). Therefore, there’s a high chance that the next run to $49 will result in a GSR of around 60. So, if we use $3,000 gold with a 60 GSR, we arrive at $50 silver. Then, if we use $3,500 gold with a 40 GSR, we arrive at $88 silver.
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