At the time of writing both gold and silver are lower in midday U.S. trading. The move appears driven by short-term profit taking and position-adjusting ahead of a heavy run of U.S. economic data, rather than any sudden deterioration in fundamentals.
Traders are clearly cautious ahead of tomorrow’s U.S. jobs report, which includes annual revisions to payroll data, and Friday’s CPI release, where markets are looking for confirmation that inflation pressures continue to ease.
It is against this backdrop that we spoke with Gary Savage, a veteran technical analyst who joined us on GoldCoreTV to give us his perspective on what is really happening beneath the surface of silver’s volatility.
Gary explains why violent corrections do not end bull markets by themselves. In fact, in the later stages of powerful moves, they are often part of the process. He argues that silver’s recent collapse looks less like organic selling and more like forced liquidation and positioning, possibly linked to banks needing lower prices to meet delivery obligations. Whether one accepts that explanation in full or not, his broader point stands. A sharp sell-off does not negate the longer-term structure.
Unlike GoldCore TV, Gary is happy to give price predictions and today they were some very punchy ones, indeed. Gary argues that $250 silver is realistic once previous highs are exceeded, noting that a move from $120 to $250 represents a 100 percent advance, something that is far from unusual in late-stage silver rallies. He also sees $500 silver as possible, particularly if continued attempts at suppression worsen physical tightness and shortages.
Gary also draws a clear distinction between ownership and trading. He holds the vast majority of his exposure in physical metal and only trades a small portion tactically. His message is not about perfect timing. It is about understanding the phase of the market you are in and not losing perspective when volatility rises.
With the Silver Institute forecasting a sixth consecutive annual supply deficit and physical investment demand expected to rise again in 2026, the fundamentals remain supportive even as price swings intensify.
If the last couple of weeks have felt disorientating, this interview offers something increasingly rare in markets today: context.
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