Bitcoin hits record high over $123k on rate cut bets, corporate treasury cheer
History shows that Silver reliably follows strength in Gold and leverages moves in Gold. Therefore, Silver is poised to benefit after Gold breaks out from its multi-decade base and cup and handle pattern. Even that relationship notwithstanding, Silver boasts its multi-decade base that offers even more explosive upside potential than Gold. Silver is trading within a huge historical base unparalleled in market history.
Silver must double to test its all-time high at $50/oz. Breaking above $50/oz would lead to a hugely explosive move. Although Gold could break its resistance within the next 12 or 18 months, Silver breaking $50/oz will require more time. Although Silver looks like a gigantic cup and handle pattern, it is not because the handle consolidation (2011 until present) retraced roughly 75% of the advance from $4/oz to $50/oz.
As the last video states, the handle consolidation typically retraces only 38% or 50% at the absolute most. Nevertheless, the huge base in Silver has extremely bullish implications once Silver is ready to break $50/oz. But unlike Gold, it is far from within striking distance. In summary, the coming breakout in Gold and the beginning of a new secular bull market that should last into the 2030s has tremendously bullish implications for Silver, not the least of which is breaking above $50/oz.
Upon breaking above $50/oz, Silver will trigger a measured upside target of roughly $95/oz. Considering the history of breakouts from multi-decade bases in this lesson, specifically in Copper, it would not be surprising to see Silver trading in triple digits within 18 months after breaking above $50/oz.
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