When silver was in its vertical rally phase as 2025 turned into 2026, the Jan 29th Daily opined that precious metals looked like a blow-off top. As soon as those words published, silver crashed as swiftly and severely as it had soared.
From the Jan 26th Trading Alert: "...you may also want to look at doing a bit of gain-harvesting on First Majestic (AG), the silver miner we bullishly wrote up last summer. It's up about 170% since that plug. AG could keep running, but is likely to get pummeled, at least temporarily, on any correction in 'poor man's gold'."
From ~$120/oz in late January silver crashed to ~$77 a week later. (AG held up better but still backed off ~27%.) By March it eased to the upper 60s, prompting a re-buy proposal. After a partial recovery to the $80 range, they proposed traders take some gains on silver the metal.
April 15th Trading Alert: "It's time to ring the silver cash register again... at least partially." When they put out the "buy silver" alert March 23rd, Hay bought 2000 ounces via futures around $69; at ~$79 that was almost a 15% gain in weeks, and he sold half his position. They note they should have suggested another trim near $90 (which silver hit twice this spring), and another gain-harvest on First Majestic when it ripped to the ~$30 vicinity.
From $89 in mid-May, silver endured another plunge, taking out the early-February low — now around $58, below the 200-day moving average. "One sick chart."
However, beyond the ugly technicals, the fundamentals for silver are extremely encouraging — supply is very constrained. Demand remains exceedingly robust: military applications (replenishing depleted munitions), the AI data-center buildout, and upgrading America's rickety electrical grid. There is a mismatch between tight supplies and increasing demand, with the silver market moving from a moderate surplus into a pronounced deficit. With open interest on silver futures at a multi-year low (extreme bearishness), the stage may be set for another price spike. They'd suggest gradual accumulation now, despite the poor technical set-up.