The white metal is up more than 10% YTD, and, interestingly, silver and gold have now broken above their key 50, 100 and 200 day moving averages. Goldcore believes that trend will continue.
I love to see actual silver price predictions with dates on them. SilverSeek offered that up in an article last week:
“Most analysts, particularly in banks, were bearish from 2001 until very late in the first phase of the bull market,” Goldcore writes. “We believe that they will be surprised again when the intermediate top at $50/oz and $1,911/oz in September 2011, is passed, likely by the end of 2015.”
The white metal is up more than 10% YTD, and, interestingly, silver and gold have now broken above their key 50, 100 and 200 day moving averages. Goldcore’s even more bullish longer-term:
“It is important to remember that silver rose to a recent nominal closing high $48.41/oz on April 28, 2011. This means that silver is nearly 60% below its record nominal high of just over three years ago.
“After more than 3 years of a brutal correction and subsequent consolidation, we believe silver is set to rise above that record nominal high in the coming months. We continue to be bullish on gold, platinum, palladium and particularly silver.
“We believe that silver will likely surpass its non inflation adjusted high near $50 per ounce and its real high or inflation adjusted high of some $140 per ounce in the coming years.”
Silver prices haven’t done much over the past year. They were at $20 an ounce last July, and they’re at $20.80 today. That’s a gain of 4%. During the same time frame, the S&P 500 is up nearly 18%! Suffice it to say, it’s been a bumpy ride for gold and silver investors.
Still, the precious metals markets are showing signs of thawing. The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ), a collection of junior gold mining stocks, is up more than 33% year to date. Silver streaming company Silver Wheaton Corp. (NYSE:SLW) is up more than 28% and Pan American Silver Corp. (NASDAQ:PAAS) is up more than 26%.
Sean Rakhimov, editor of SilversStrategies.com, believes that if and when silver prices crest $26 an ounce, prices will climb higher: all the way to $32 an ounce. If prices reach $32 an ounce, the next major stopping point for the white metal will be $50 an ounce.
“My outlook for silver for the next two or three years is somewhere between $50 and $100/oz,” Rakhimov says in an interview with The Gold Report. “It could be shorter; it could be longer, but that’s not critical. I’m going to stay with it for the cycle; it could be another 10 years to the end of the cycle. I do not expect this next leg to be final but I expect it to be a substantial run
comparable to 2010–2011 when silver went from roughly $10 to $49.50/oz. The next move could go from about $20 to roughly $100/oz, but that will take time. Am I going to take money off the table along the way? Maybe in some stocks that got ahead of themselves or that are not responding to the price move. But I would not touch any of my physical silver.”