Steven Leeb believes that sentiment is so low in silver right now, that when silver finally begins moving strongly to the upside, investors will pile back into silver so hard that $50 won’t even provide resistance, and silver will move rapidly to $100.
Leeb also believes that solar energy will drive silver vastly higher in the coming years, as solar currently only consumes 11% of total annual silver supply- a number primed to greatly increase in the coming years.
The Doc has long predicted that silver will reach $70 by the end of 2011 and while this still seems far fetched today at $35 (requiring a double from here in under 2 months), once $50 is taken out to the upside, you will not believe how fast silver moves.
Here’s silver near $35, up from $20, so it’s up 75% in price in just over a year and people are bearish. To me this just means that silver is going dramatically higher. Solar is already taking 11% of silver production. How long before it takes 100%?
Silver could break $50 much faster than people think. I think people are going to be stunned and still scratching their heads when they see silver go over $50, as if it weren’t even resistance.