$500 Silver Prediction: Market Structure Still Supports Aggressive Forecast

Michael Oliver, founder of Momentum Structural Analysis, is standing by his prediction that the silver price will reach between $300 and $500 during this cycle. Despite a steep fall from its January peak, Oliver believes the broader market structure still supports his target.

The correction in the silver price has lasted longer than expected, with most of the damage occurring within several trading days between late January and early February. Silver fell to around $64 during that initial collapse, while gold dropped to around $4,400. However, Oliver notes that the market has frustrated late buyers for months without producing another collapse of similar size.

Oliver's analysis compares silver with other metals, examining their progress since 1980 highs. He points out that while other major metals have multiplied considerably since then, silver remains close to its historic $50 peak. This price imbalance could end through a powerful recovery, supporting his forecast of a much higher silver price.