GoldSeek’s Chris Marchese is particularly optimistic about silver, which he thinks could hit a new all-time high relatively soon.
Precious metals gold and silver have been experiencing upward momentum in 2020, with the former breaking US$1,800 per ounce and the latter nearing US$20 per ounce.
But how high could they go? Speaking to the Investing News Network, Chris Marchese, senior analyst at GoldSeek, suggested that the path forward is bright, especially for silver.
“We have a perfect storm to send both gold and silver higher,” he said.
“I think the second of half of 2020 is going to be great. There’s a lot of catalysts (that are) good for the precious metals, bad for mankind. A lot more money printing (and) let’s see who wins the election — I don’t think it’ll be Trump,” continued Marchese.
Laying out the potential path forward for silver, he said that it will be important for the white metal to get past the price it stalled at in 2011. “Once it breaks US$24, US$25, US$26 — that level, maybe it hits US$27, US$28 — I believe we will hit new all-time highs in a relatively short order,” Marchese explained.
He continued, “The US$24, US$25, US$26 level is the breakdown point from 2011, that’s where it held for awhile before it broke down and bottomed in I think late 2015 or thereabouts. So if you have patience, I think you’ll be handsomely rewarded.”
When asked to quantify how quickly silver could move, Marchese said that once the precious metal reaches US$27 or US$28 it should continue up to a fresh all-time high within the next six to nine months. “Or at least be testing the US$50 level,” he commented.
“Once we get through that, the most bullish thing for a commodity is a new all-time high — I think we see US$60, US$65 pretty quickly, maybe followed by a correction,” Marchese continued.
However, he emphasized, before that can all happen silver needs to tackle US$21.50 and then US$24, US$25, US$26. “Hopefully we can get to US$21, US$22 by the year end.”
Watch the interview above for more from Marchese on silver and gold, including where to look in terms of stocks and what trends are impacting the precious metals sector right now.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.