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Once silver breaches $30, there would be minimal resistance keeping it back from hitting $50, said Steve Penny, publisher of The Silver Chartist report.
Penney told David Lin, anchor for Kitco News, that $50 or even $30 an ounce for silver is unlikely to happen by the end of the year.
"I think we're very close to a bottom here. There still is some downside risk to potentially $18 or $19 silver, but it's a high enough probability that we should be mentally prepared for. The big number to watch for is $30, I think everyone knows that," he said. "Once we get above $30, I think we do get to $50 fairly quick, probably within a quarter or two, because there's not much resistance between $30 and $50 silver. I'll say once we get through $30, I think $50 comes pretty quick, probably not in 2021, but perhaps in the first half of 2022."
For more information on Penny's predictions and the industrial use cases of silver, watch the video above. Follow David Lin on Twitter: @davidlin_TV.
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