What's in Store for Silver?

Precious metals analyst David Smith from The Morgan Report recently spoke to The Investing News Network about the current situation in the silver market. He believes that crossing the $30 mark is only a question of time and recommends that investors prepare for a new silver rally.

“The resistance level is around $30, and whether that happens within the next week or two, or it takes a month, (it’s) hard to say. Once it gets a couple of closes above US$30, I think everybody is going to be jumping on board — the big funds and everything,” said Smith.

According to the expert, it is too risky to sell or buy silver at this time. The price can start growing rapidly beyond the $30 mark, and once it happens, it will become difficult to find a good entry point. “Silver won't take prisoners,” as Smith put it.

He also pointed out that now is a once-in-a-lifetime moment to make a profit in the silver market. You don't have to sell your house to do that, either: it's enough to buy some physical silver and stock of good silver-mining companies. “You may be shocked at what you’ll see in just a few years in terms of the appreciation on both of those metrics,” concluded David Smith.

What is this forecast based on?
If the current levels of supply and demand remain the same, silver can easily outperform gold. When analyzing supply and demand, we have to consider the crucial factor of industrial demand. For decades, analysts have neglected silver, viewing it as a purely industrial metal.

Nevertheless, silver is just as good an investment metal as gold. They both retain purchasing power equally. Another factor to keep in mind is the extracted supply. For instance, if ancient societies had only twice more silver than gold, right now, the price of gold would be twice higher than that of silver. It doesn't really matter that it's 10 times costlier to extract gold, because the price of any precious metal mostly depends on the market supply.

Speaking of silver, it's important to remember that its industrial use leads to a partial loss. It's not often possible to recycle the silver used in hardware components. Some analysts claim that surface deposits of silver are much higher than those of gold, but they forget to mention that most of that silver will forever remain part of industrial items, never to return to the market.

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