What’s Next for Silver Prices?

First and foremost, we need to establish that this time IS different. The situation economically, monetarily, and physically is entirely different from 1980 and 2011. If you don't understand what I mean, please check out this post from two weeks ago.

In that post, you were reminded that in late 1979 and early 1980, the silver price moved from $10 to $48 in four months and then fell back to $10 in two months. In 2010 and 2011, price moved from $18 to $48 in eight months and then fell back to $26 a few months later. Is the current attempt to break through $48/ounce any different? 

On the chart below, note that price first reached $48 on October 3 and here we are, more than six weeks later, and price is still trading above $50/ounce. That's a big difference from 1980 and 2011. 

Price of Silver - Daily Candlestick Chart

Some have looked at the chart above and, in hopes of earning some internet platitudes, raced to be the first to declare a "double top". But a true double top can't be recognized until price breaks down through $46 or so. Until then, two peaks at the same level denote a trading range and consolidation—nothing more.  

Silver Price in 2025: Not a Collapse, but a Consolidation

So if the current situation is not similar to past stabs at $48 and if it's also not a double top, what is the current status of silver and what is the proper analog for price in late 2025? For your answer, I'm going to start with another link, as I first wrote about this in late September. Regular readers will recall this post, but you might have missed it. 

This snippet: 

In short, the situation in silver is not analogous to price action from decades ago. Instead, the most likely scenario going forward is a path similar to the one taken by gold in early 2024. 

Gold’s 2024 Rally Provides the Roadmap

Recall that the gold price topped in 2011 at $1920. It then moved to new marginal all-time highs in the summer of 2020. However, the $2000 level became stiff resistance and price remained below there until late 2023 when a late-year rally took price to what appeared to be a breakout on Friday, December 1. Price closed that day at an all-time high of $2109, and it appeared ready to surge even higher. Instead, it was violently reversed on Sunday, December 3, and into Monday, December 4.  

Price soon recovered, and just 17 trading days later, it was back above $2100 before falling again. "That's it! A false breakout and double top"! That was the common refrain from a chorus of internet chart-readers and wave-counters. But the "experts" were soon proven wrong. The gold price had not topped and, instead, was simply basing in a consolidation range. The true breakout came 90 days later in early March of 2024. Have you forgotten these details? If so, the chart below provides a reminder. 

Price of Gold - Daily Candlestick Chart 

What has taken place since that March 2024 breakout in the gold price? It's unlikely that you need a reminder, but here's one regardless. 

Price of Gold - Weekly Nearest Candlestick Chart 

And THAT'S your analog for silver in late 2025.  

Prepare for a Silver Breakout in 2026

As such, it is not 1980 and it's not 2011 either. The silver price is not about to collapse, and it did not just paint a double top. Instead, just like gold two years ago, the silver price is consolidating and basing near and just above its old all-time highs with the true breakout pending for early 2026. What will drive the breakout? Again, we've been writing about this all through 2025! 

So prepare for when this current consolidation period ends. The silver price is very likely to see a breakout that leads to new all-time highs. The gold price has doubled since it broke out in March of 2024, and a similar move in silver will take price to $100/ounce by mid-late 2027.