Silver just hit a 14-year high; here’s why one expert says it’s the metal to watch.
Transcript:
CAROLINE WOODS: What about this huge move higher that we’ve seen in silver? Is there still money to make in silver?
CARLEY GARNER: Silver has been leading gold here in this last week or so on the last leg of the rally had silver not broken out, I think gold maybe would have struggled a little more than what we’ve seen. But that said, silver has the capacity to go head into the 44, 45 area. The all time high in silver is $50. I can’t rule out maybe we do see $50. I’ve actually in my not recently, but in previous years, I’ve actually mentioned. I don’t think silver is going to see $50 again in my lifetime, and maybe I’ll be proven wrong here in the next few months, but I’m not sure that I will be. Silver is an industrial metal, so it does have a lot of production use, unlike gold, which is mostly just precious metal and jewelry. Some might capacity to be a useful commodity, but not at these prices. So I think once we get up into the 40s, it takes a lot of that industrial use away. And we’re left with a precious metal that. This has been my experience. I know people are going to think I’m crazy, but the reason we’re talking about silver is because it’s at the highest level it’s been since 2011. But what that means to me this has been a complete dog for since 2011. Like if you bought at the highs in 2011, you’re just now maybe getting your money back and you might even not. You know, you may not even be up to par. So again, it’s getting a lot of attention now. But if we’re talking about an asset that most people should have in their portfolio, I don’t believe it’s that. So if you had to buy one gold or silver right now, which would it be. If I had to buy Ooh, that’s hard. I’d have to really. And it could very well go up. But if I had to buy and that would be a tough pull the trigger for me. Yeah, I’d probably pick. I’d probably pick silver. I think silver might have a little further to go on the upside because it hasn’t gotten. It’s just now getting into the spotlight where gold is maybe a little bit saturated in the spotlight, and everybody’s already long might just run out of buyers and gold, but silver might have a little ammo left.
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