Steve Penny of The Silver Chartist says silver’s breakout above $50 marks a historic milestone but urges caution in the short term. He explains that both the U.S. dollar and silver sit at critical technical levels—silver testing major resistance and the dollar touching long-term support. While Penny remains firmly bullish, expecting “triple-digit silver,” he notes that the current risk-to-reward ratio is roughly one-to-one, with equal potential for gains or pullbacks.
Penny assigns about a 40% chance that silver consolidates below $50 before moving higher, another 40% that it stabilizes above $50, and only a 20% chance that it surges directly toward $60–70 without correction. He points out that silver’s RSI is extremely overbought near 78, a level that has historically preceded corrections. On gold, he expects possible short-term weakness even as he maintains a long-term target above $10,000.
Turning to uranium, Penny highlights the sector’s breakout to new all-time highs, calling it “a pure supply-demand story” with prices still far below the inflation-adjusted 2007 peak. He also sees strong potential in platinum, which still trades well below its $2,300 high. Penny concludes by encouraging investors to build a personal “Sleep Well At Night” strategy: managing risk, position sizes, and profit-taking plans to navigate volatility confidently.
INTERVIEW TIMELINE:
0:00 Intro
1:25 USD Index
3:00 Silver & gold
11:24 Uranium
14:40 Platinum
15:30 Make a plan
17:30 Weekly specials
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