After silver hit a high of $121, some are expecting it to go to $200 next and the gold/silver ratio, currently at 60 (it has been recently as low as 44), to fall to the 20–30 range.
In a recent episode of the Money Metals Midweek Memo, host Mike Maharrey opened with a blunt reminder from Thomas Paine that cuts straight to the heart of today’s monetary debate.
Given the huge up move in silver once it broke that the long-time high of $50, we could see a retest of the $50 zone. Naturally, new highs would end any discussion of a test lower.
We’re seeing a rebound in the precious metals, as the gold price is once again back over the $5,000 per ounce mark, while the silver futures are up $2.21 to $77.89.
Silver just crashed, suffering two of its biggest daily drops ever. Those erupted right out of a popular-speculative-mania topping, where silver way more than doubled in just a few months.
