He sees the yellow metal reaching US$3,800 to US$5,700 per ounce during this cycle.
“Post-election we had a selloff, which I think was wonderful and needed and healthy. These are buying opportunities, this is not the end of the bull market — not even close. None of the factors suggesting that are firing right now,� he said.
Looking at silver, he said the charts show a 45 year cup-and-handle formation, which is highly bullish.
‘We’ve now broken out of that long cup and handle. I’m not a technician, (but) friends who are suggest that given the boundaries of that cup and handle we’re looking at about US$90 (per ounce) for silver,’ he said.
“I think that is very doable, but it’s probably going to be mostly late stage.’
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
