Equity Management Academy’s Steve Roy has released his silver forecast for 2013. While many precious investors are panicking and throwing in the towel in the aftermath of the month long capping in gold and silver after QE4, Roy is predicting a massive year for silver in 2013.
Roy states that silver completed the 4th wave of it’s correction and placed a bottom in June 2012 and that silver’s next up wave will take the metal to $91 in 2013:
This cycle terminated in July of 2012, and the low was in June. Note that the 1.618 extension of the Wave 3 move is $91.98; eerily close to the $91.49 price that we got earlier from the monthly chart.
This indicates to me that the rally from the low in June, and subsequent completion of the ABC correction of that wave sets us up for the next impulse wave higher. Based on my analysis, I think silver will go above $90.00 in 2013, on its way to much higher prices later on.”
Roy’s full analysis below: