Silver had a spectacular day on Friday, closing around $31.50/ounce. This is the highest close for the metal since February 2013. In response to this impressive rise, Peter recorded a special video for SchiffGold on Friday.
Peter begins the video by noting that this price action seemed likely after silver and gold started to rise in early 2024:
“After months of waiting, the money finally broke today. I beat the table on my podcasts and also on the special videos I recorded for SchiffGold to buy silver before the to burst, for it seemed to me that an escape was imminent. Well, that escape is now a thing of the past, but the good news is that it's still early! It's not too late to buy silver.
Waiting for a pullback or actively trading physical silver doesn't make sense for retail investors: that's what commodity futures are for. Instead, they should buy and hold the metals to protect against currency collapse:
“You don’t trade physical gold and silver. Transaction costs are too high. What you do with physical gold and silver is you buy it and hold it, and you hold it until you need it, not until you sell it. Many people will need their precious metals, especially their silver. They will need it because it may be the only monetary instrument that other people will accept in exchange for goods and services. We have a real monetary crisis!
Silver sale ends Wednesday 5/22 at 5pm EST.
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Friday's price action is part of a broader rise in precious and non-precious metals. In an economy still plagued by inflation and showing signs of recession, this week demonstrates the usefulness of holding physical metals:
“The charts look phenomenal for gold, silver and copper. Platinum and palladium also rose. The entire metals complex is on the rise. Recently, Jerome Powell said he saw no evidence of stagflation. He doesn't see a “deer”, he doesn't see a “inflation.' GOOD he is clearly I don't look at copper! I don't look at the money!
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