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Silver – Oh Boy

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QUESTION: Mr. Armstrong. Now there are people claiming to have forecast that silver would fall back to $15 and then run to $1,000 and they must be right because they are the only people who said $15. This seems to be another hoax based upon fiat and the collapse of the dollar. Has anything like that ever taken place historically?

ANSWER: No. Never. Not even once. The big rally for silver was into 1919 and that was a 300% advance. Even if you take the Hunt Brothers rally that was manipulated by the dealers (not the Hunts) to suck in the very same people using the story of fiat and the dollar, at the most extreme you could say silver rallied from $1.29 to $54 for a brief second and crashed back to $10 within 3 months. Using that rally $10 silver at the very extreme would be $500. That is nowhere in the realm of possibilities. I cannot even find the most extreme technical analysis to support such a target of $1,000. This is just the same crowd trying to get the buyers in for those who want to sell.

What can I say. This is not analysis nor is it professional trading. Yes, we have another rally on the horizon. But it is a rally. These people only see the dollar and cannot even imagine what they are saying all still based on Germany 1923. They have nothing else to say.