Contrary to what current market prices imply, silver may reach new highs in the coming months. Bull markets go through periods of consolidations and corrections, and “precious metals are no exception.” Many financial observers predict that there’s more potential for silver than gold…MUCH more!
Because the global silver market is relatively small, silver prices have a tendency to be more volatile. Volatility works both ways, however, so “when silver rises, its price can explode higher.” The current period may mirror events of April 2011, when silver prices skyrocketed 170% in just seven months.
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According to researchers, “the next stop could be $40 by year’s end, and $60 by the end of 2014. And much higher after that.” Statements such as these reinforce the notion that investing in silver is like buying “gold on steroids.”
The lackluster performance of silver prices in 2013 may prove to be the “calm before the storm” of opportunity. Down “about $6.00 an ounce, or 20%, this year, the slump presents a buying opportunity.”
Global resource specialist Peter Krauth “sees plenty of potential in investing in silver.” Aside from experts’ advice, some reasons that may convince you to consider silver today include the following:
* Inflation – The Federal Reserve Bank “just announced that they will maintain their Quantitative Easing program, which dilutes the existing U.S. [currency] supply by more than $1 trillion annually.”
* Scarcity – Even as gold and silver prices were taking a beating, silver investors were “not running to unload their silver.” As silver prices dropped, buyers bought in a frenzy, and supply became so scarce that “premiums nearly quintupled from 8% to 37% above spot prices.”
* Silver ETFs are “bulking up” – as savvy retail investors have been “soaking up” physical silver, so too must silver exchange traded funds (ETFs).
* Sentiment is “bearish” – The “herd usually does the right thing at the wrong time.” When speculators’ “net short silver positions reach a major high, it’s nearly always a perfect contrarian sign. That’s typically when the silver price is either at or very near a major low.” (And exactly what occurred in 1997, 2000, 2001, and 2005.)
As these conditions indicate, there may be considerable upside to come. Eric Sprott, billionaire Canadian fund manager, has much, much higher expectations for silver:
“I think silver will be the investment of this decade, whereas gold was the investment of the last decade. Silver will outperform gold…your return will be 300% or more. If you have the patience and can stomach the volatility, I think silver will by far be the better investment going forward.”
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