We are thinking big in this update on silver, and I mean BIG.
Although silver has been advancing for months now, it’s only been just over 2 weeks ago that it https://www.moneymetals.com/silver-price" rel=”noreferrer”>broke out of the giant holding pattern that it has been stuck in for about 45 years, the enormous Cup & Handle base I’ve shown previously.
The technical implications of this development are MONUMENTAL. It means that the silver price is headed to levels that will seem unimaginable to most investors.
And here’s the thing… This scenario is fully backed up by the fundamentals. The extreme supply crunch for silver is the result of a truly extraordinary confluence of factors — a multi-year supply deficit that is suddenly creating an acute shortage due to increasing industrial demand for physical silver for use in many modern applications.
This is against the background of silver being declared to be a “critical mineral” along with a surge in investment demand as the current fiat money system flies apart. And now, Central Banks are acquiring silver as a monetary metal.
Making the situation even worse is that the multi-year supply deficit has literally been “papered over” by price suppression for many years on the paper markets, with the lid being kept on it by unbacked and leveraged shorting on a vast scale.
All the above have created a truly explosive situation that can be likened to a pressure cooker whose lid is about to blow off.
So now we will revisit our CHART OF THE AGES that shows the https://www.moneymetals.com/news/2025/11/30/epic-silver-break-out-from-45-year-holding-pattern-heres-whats-next-004513" rel=”noreferrer”>enormous 45-year Cup & Handle pattern with the price up to date as of last Friday.
The most important point to make regarding this chart is that this huge pattern can clearly support a massive bull market, whose minimum price objective is equal to the height of the Cup & Handle on this log chart. Such an advance puts the price somewhere in the hundreds.
The 2nd most important point to make is that at the end of November, on the 28th to be exact, the price finally broke decisively out of this enormous pattern to commence a bull market that promises to be of epochal proportions and the final and related point is that, as we can easily see, despite silver looking like it has risen a lot on short-term charts, this new bull market has only just gotten started. It is still in its infancy.
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You have probably all heard the cautionary admonition “not to go betting the farm” on something.
My view is that not only should you go betting the farm on silver at this time, but pretty much anything else you can lay your hands on! Zooming in now via the 6-year chart, this time period selected to show the Covid Crash low in 2020, when the silver to gold ratio plunged to an extremely silly record low as the world population was subjected to the biggest orchestrated psyop of all time.
Silver has been advancing in a steadily accelerating uptrend from its 2022 lows. Superficially, it looks like it ought to consolidate for a while or react back here because it is near the top of this channel in an extremely overbought state.
However, the extraordinary fundamental and technical conditions that now exist mean that we could instead see a full-on melt-up. Indeed, silver is in position to melt up because it has broken out of the 45-year holding pattern and also above the upper rail of the channel shown on this chart.
A meltup means that, despite being overbought, it will continue to advance in a very steep uptrend, only pausing briefly to allow the overbought condition to ease somewhat; these pauses generally take the form of brief Flag or Pennant patterns.
https://www.moneymetals.com/uploads/content/silver6year131225-clive-maund-money-metals-min.jpg" width=”800″ height=”1006″ alt=”” style=”display: block; margin-left: auto; margin-right: auto;” />It’s worth reviewing recent action in detail on a 4-month chart. You may recall that we had expected a corrective C-wave down to a point near or below the late October low.
The setup is so strong that it didn’t happen, so we swiftly revised our thinking in light of developments. It is now clear that the stunted C-wave that did occur (which found support above the rising 50-day moving average and well above the late October low) created the “Handle” of a small Cup & Handle continuation pattern.
The entire consolidation pattern from the mid-October peak is also a bullish Ascending Triangle that led to the https://www.moneymetals.com/news/2025/10/06/epic-silver-breakout-looms-what-to-expect-004385" rel=”noreferrer”>momentous breakout on November 28th, a day that should go down in the history books as one of the greatest days in the history of the silver market.
Following the breakout, a small bull Flag formed early this month, which led to another upleg, leading to a very overbought condition. While it may take a little rest here, conditions are now perfect for a total meltup to occur in silver, where it continues to advance steeply to higher and higher levels, overbought or not.
In this environment, silver stocks that have been “dragging their feet” lately, such as Aftermath Silver (AAG.V) and Coeur Mining (CDE), should get their act together and take off strongly.
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Lastly, the long-term silver-to-gold ratio chart — also going back to 1980 — makes clear that the retail crowd is still not involved in the Precious Metals market. When they are, this should be at a much higher level.
Although the ratio has risen in recent months, it is still at a relatively very low level. When the retail crowd gets involved, they favor silver over gold because of its affordability, but also its leverage. The still-low level shows that this bull market remains in its earlier stages with much more upside ahead of it.
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