How high can silver go?


You must have noticed the current vertical movement in silver and in precious metals generally. Silver rose from 18 USD in July to 28 USD now, which is a 60% increase in five weeks. 

On Thursday, it was up another 6%, trading above the 28 USD threshold. How high can silver go? 

Analysts pointed out that the silver-gold ratio remains historically wide. That means either gold is overvalued or silver is undervalued. If silver is underpriced, “there is a lot of money to be made”.

Basically, it is nearly impossible to set any targets right now as the trend is really vertical and it certainly looks like a large bubble. The next level to watch will certainly be near 30 USD and if bulls push silver above this resistance, another 10-15% run cannot be ruled out. 

Alternatively, the important support seems to be at 26.00 USD and as long as the price remains above this support, short, medium and long-term outlooks all look bullish. 

From the intraday perspective, all small dips are expected to be bought as the buying power is dominating the markets. 
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