We finally just saw the big explosion of what we’ve been reporting on for the past few months, in terms of how the LBMA available silver inventory had gotten to dangerously low levels.
Silver, after hitting over $50 for the first time ever, is also due for a pullback. The stocks typically suffer the most in a pullback. For silver, support is seen at $46 and $44.
I think a lot of metals analysts are expecting an intermediate top in gold at $4000 and an intermediate top and silver at $50. I'm of the opinion that the rally may go further than that.
Silver is roughly only $2 away from its 1980 and 2011 high. As a reminder, though, those are nominal levels. On inflation-adjusted levels, we have a way to go.
