A Swiss financier and precious metals advocate says silver’s major breakout is just beginning.
In a new market update, the founder of Matterhorn Asset Management, Egon von Greyerz, says silver is going through a fundamental change.
Unlike the 1970s spike driven by speculation, von Greyerz says he does not believe silver has witnessed a blow-off top.
Instead, he says current attempts by bullion banks to sell paper silver are failing quickly.
“So what does that mean for the ordinary investors? Well, it clearly means that silver is just starting the move, and we are going to see, as I have stressed many times, we are going to see multiples of the current price.”
Von Greyerz says physical demand now claims 50% of production, up from 10% last year. The surge stems from solar panels, electric cars, electronics, and defense needs, including missiles and weapons.
“Will it correct? Of course, silver always corrects, but this is not a normal market because it’s now turned into a physical market, which is it should always be rather than the manipulation that we have seen in paper markets.”
In the long run, von Greyerz says he believes silver will reach more than $600 an ounce, with gold surpassing $10,000 an ounce.
“Gold is also going up, but as I have made clear for quite a while, silver will go twice as fast as gold in the coming years. Now the gold-silver ratio has gone from over 100 to about 50.
The long-term ratio is probably going to be around the 15 level initially, but I wouldn’t be surprised to see even lower than that, that being a natural level. But now I think the demand is of such magnitude and the supply so minuscule.”
The price of silver surged to $116 on Monday, up 12.5%, marking the biggest one-day increase since 2008.
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