The Dam Has Burst In Silver And Gold - Now What?
That valve has blown off. So what do I do now, take profit? Here’s my take.
Silver is up another 6% this morning, now at $91 an ounce. Whether or not we’re seeing a short squeeze or a blow-off top at this point is moot and irrelevant. To quote the dorky guy from 10 Things I Hate About You, “the shit hath hitteth the faneth”.
As I said about a week ago on a Twitter Spaces that I did with my friend Peter Schiff, I just had the feeling that the run-up in silver and gold was not over yet. I echoed these sentiments while talking to Larry Lepard last week, where we covered all things sound money and markets.
For years, most of you have been reading my blog and watching my podcast, where I have constantly talked about the fact that there would be a “blow-off valve” once too much pressure from money printing built up inside the monetary system. In May 2023 I first memorialized this prediction in this article:
The most likely candidates to “blowoff” are precious metals, in my opinion (and maybe even bitcoin).
I often predicted that this “blow-off valve” would be the consequences of money printing showing up in the prices of gold and silver. After all, the consequences of the dirty deed of money printing have to go somewhere, and other than the precious metals, the only other place it shows up nefariously is through rising consumer prices and a lower quality of life for low- and middle-class Americans.
That valve has blown off. So what do I do now, take profit? Here’s my take.