Silver Price Forecast: Potential Surge Past $120 Followed by a 30%+ Pullback

Silver is going vertical and a near-term spike to $120 to $140 is possible in the coming days/weeks.

Once silver prints its final blow-off high, a terrifying correction of 30% to 50% is possible, followed by a period of consolidation.

Gold miners relative to gold may be on the verge of a breakout, but the best risk–reward setup could emerge in silver miners after such a correction.

Our Gold Cycle Indicator is maxed out at 450, signaling an approaching market top.

GOLD: Gold appears to be consolidating after its recent breakout, similar to the price action seen in the first half of December. I expect the uptrend to resume, maintaining course towards $5,000. At some point this year, I anticipate a significant drawdown in metals, which could be severe and potentially correspond with a breakdown in the stock market.

SILVER: Silver is going vertical, with prices potentially testing $100 as soon as next week; a spike to $120 to $140 is possible. The Q4 2025 breakout above $50 was generational, making it difficult to gauge how far prices could run in the near term. Once the final top of this blow-off rally is in place, a frightening correction should be expected. Over the longer term, however, I see silver reaching $200 and possibly even $300 by the end of the decade.

PLATINUM: Platinum needs to close above the short-term trendline ($2,450) to support an upside breakout towards $3,000.

GDX: Mining stocks are testing the upper boundary of their trend channel as they advance toward our medium-term target range of $105 to $112. The GDX-to-gold ratio also appears to be breaking out, suggesting miners may be entering a phase of outperformance relative to gold.

GDX-to-GOLD RATIO: The GDX-to-gold ratio closed the week at 0.0212, near a 13-year high. With gold prices well above $4,000—and likely to remain above $3,000—investors are finally beginning to focus on mining stocks.

GDXJ: Juniors are in the middle of the trend channel, with a medium-term target between $135 and $145.

SILJ: Silver juniors could target $35 and $40 as silver nears $100. An overshoot is possible if silver spikes above $100. Silver mining stocks remain undervalued relative to silver and may offer the best bang for your buck on a pullback.

S&P 500: Momentum is fading in the stock market, and I see the potential for a rolling top similar to late 2021 into early 2022, followed by a pullback into mid-year. To confirm this scenario, we would need to see a sustained breakdown below the November low at 6,521. Continued strength into February or March would invalidate this outlook.

BITCOIN: Bitcoin likely peaked in October 2025, and prices now appear to be in a Wave 2 rebound that could test the 200-day moving average. Overall, I expect a secondary breakdown in Q2 that could push prices toward $50,000. I don’t anticipate a final bottom until Q4 2026, possibly near $40,000, likely around October. A failure to break below $80,000 in Q2 would jeopardize this outlook.

Closing Thoughts

Silver’s breakout above $50 has been 45 years in the making, and prices could rise far beyond what most expect. I see this as the opening salvo in an explosive bull run that could propel silver to $300 or higher by 2030. New buyers should proceed with caution, as a significant correction is likely once this blow-off phase terminates. I’ll alert members when the next major buying opportunity emerges, with a strong focus on silver miners.

AG Thorson is a registered CMT and an expert in technical analysis. For more price predictions and daily market commentary, consider subscribing at www.GoldPredict.com.

*******