Silver To $160?
Image Source: Pixabay
In my book Panic, Prosperity, and Progress, I dedicated a chapter to the famous Hunt brothers silver squeeze of 1979. I won’t recount it here (buy the book instead!) but suffice it to say that their attempt to corner the market pushed silver from about $6.40 to over $40 in the span of a year. In the end, their attempt would fail, and it would bankrupt one of the richest men in the world.
(Click on image to enlarge)
One can’t help but notice how pronounced the recent move in silver is. There are no Hunt brothers going on right now, but the debasement trade is super-hot, and silver seems to climb every single day.
(Click on image to enlarge)
What if, it in percentage terms, we had a similar move? That would put us around $160 per ounce. I’ve stretched SlopeCharts below to illustrate just how high that is.
(Click on image to enlarge)
One key difference here is that the 1979 move took almost exactly one year, and we’re already a full year into this current move. The 1979 rally was VERY powerful and VERY fast, and near its end, every single day was “limit up” on the futures exchange.
(Click on image to enlarge)
Something very big is happening under our feet, and I wouldn’t dismiss the prospect of metals moving to unthinkable prices.
More By This Author:
Comments
