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

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.