I get asked one question more than any other at the moment: when is silver going to go up again? It's a fair question. We've had eight months of sideways chop and outright pullback since the top, and if you bought near the peak, that stretch has probably tested your patience.
But zoom out for a second. In January 2024, silver was $23 USD an ounce. As I write this, it's sitting around $66. That's a triple in under three years. If any other asset class had tripled in that time, nobody would be asking when it's "finally" going to move. They'd already be celebrating.
So yes, the run from $50 to $120 last year was epic, and the last eight months haven't felt anything like that. But in this video, I want to walk through why I think the next leg up is close, using our own long-term chart, two independent technical analysts I follow on X, and the fundamentals sitting underneath all of it.
Why an Eight-Month Pullback Doesn't Undo the Bigger Trend
It's easy to get impatient when an asset has gone sideways for the better part of a year. But context matters. Silver tripling from $23 to $66 in under three years is an extraordinary return by any measure. People are still up big on this trade, even after the pullback from $120. The frustration isn't really about performance, it's about momentum, and momentum is exactly what the charts below are starting to show again.
Our 45-Year Cup and Handle Call, and a Track Record of Getting the Levels Right
Long-time readers will know we've covered this chart before. Silver ripped through $50 in 1980, then spent close to 30 years grinding lower before clawing back to $50 again in 2011. It dropped again, bottoming below $12 in 2020, before making its way back to that same $50 level last year. That's a 45-year cup and handle pattern, and in October last year I was screaming from the rooftops that the breakout was here, and that it would be violent.
It was. Silver rocketed from that $50 breakout to $120 in a matter of months before a sharp pullback back down to retest the breakout level itself.
Since then we've tracked the pullback closely. In an earlier article we laid out three levels where the bottom could form: $57, $54 and $51. Silver hit $54 almost to the cent before turning around. Not long after, we highlighted David Bird's analysis calling the bottom, and then the moment his confirmation levels cleared.
We're not day traders, and we're not claiming a perfect record. But on this pattern specifically, we've been right three times in a row. This video isn't calling the bottom again, we've already done that. It's about what comes next.
A Fresh Breakout and Retest on the Daily Chart
This is where Digger_Vern's chart comes in, a technical analyst on X whose calls we rate. He posted this on 17 September.
His daily chart shows silver has been coiling inside a tightening wedge since the January 2026 all-time high of $121.65. About a month ago, price broke above the top of that wedge, and has spent the weeks since retesting that breakout from above, exactly the kind of "breakout, then retest" structure technical analysts look for before a continuation move.
Underneath that, his Daily Stochastic RSI has reset down into oversold territory. In plain English, that indicator measures momentum, and when it drops this low, it usually means the recent downward pressure has been used up, hinting at a bounce. As Digger put it himself: "Silver is coiling and time is running out... the apex is approaching."
A Second Analyst, a Different Indicator, Same Conclusion
Whenever I'm leaning on someone else's technical read, I like to get a second opinion. It's a bit like going to the doctor for a serious diagnosis and then getting it checked by someone else before you act on it.
Charlie Ade Amos posted a separate chart the following day, using a completely different tool, the Ichimoku Cloud.
His chart arrives at the same place, using a completely different indicator. It shows silver closing back above the cloud for the first meaningful time since February 2026, a classic signal that a trend has flipped from bearish or neutral back into an uptrend. His own words: "We believe the Bull Market in Precious Metals is back on, in truth, it has never gone away since March 2024."
The Price Targets on the Table
Charlie's chart also lays out a resistance ladder heading back toward the old highs:
- Next major resistance at $71.17
- Target 2 at $89.37
- Target 3 at $96.40
- Target 4 at $103.22
- A retest of the January 2026 all-time high at $121.65
Nobody, including us, is guaranteeing silver hits every one of those levels on schedule. But when two analysts using different indicators land on the same structural read, and it lines up with the long-term pattern we've been tracking since last October, it's worth paying attention to.
The Fundamentals Underneath the Chart
Technical analysis on its own is never the full story. What's happening underneath all of this is a genuine shift away from the US dollar. Central banks and private investors are stepping away from US Treasuries and buying gold hand over fist, China included, which has kept buying heavily through every dip this year. Gold has now overtaken US Treasuries in global central bank reserves for the first time in decades.
Layer on the US's roughly $40 trillion in government debt, an unpayable figure by any honest measure, and the increasingly strange antics coming out of the bond market, and the long-term case for precious metals as a store of wealth only gets stronger.
This is not financial advice. This is insight into what I do with my own money, not a recommendation for what you should do with yours. But given everything above, it's hard for me to see a better place to hold wealth over the next five to ten years than gold and silver.
If you're looking to add to your own holdings while silver is still under $70 USD an ounce, our range of silver bars and silver coins is a good place to start.
What a time to be alive.
Sam from Liberty Bullion.
