TJM Corporate Services general manager Jim Iuorio thinks silver has been “dead money” for the past six months, but his fortune is about to change as the fundamentals of the precious metal point to a breakout towards $35. Iuorio also said that the $2.5 trillion cryptocurrency market is fueled by inflation, leaving gold and silver to die. Here are the details…
Jim Iuorio shared his analysis of gold, silver and cryptocurrencies
Silver, which had been frustrating for several months, has finally found the spotlight, Iuorio told Kitco News editor-in-chief Michelle Makori. Silver is up more than 4% in the week so far and has the potential to go much higher. Iuorio says:
I’ve been in silver for a long time and this has been a painful trade. Copper came out of a pretty important technical pattern last week and I believe silver is following it today.
The problem with silver was that investors bought and sold it as a precious metal. And this has made silver “dead money” as the innovation of Bitcoin (BTC) has driven money flows away from both gold and silver. But this is now changing, according to Iuorio:
Silver trades with gold and has been dead money for about the last six, seven months. I believe the market sees it as valuable and is traded as valuable. The $2.5 trillion cryptocurrency market was suffering some of the speculative inflation. And he was leaving gold and silver to die. I think both will change but for silver it is changing now.
Iuorio thinks silver could reach $35
Iuorio said that technical analysis shows silver could rise as high as $35 in a year:
Silver can easily trade up to $35. Once the metal broke above $22, a massive upside was opened.
Iuorio’s optimism stems from the market’s changing perception of the metal’s fundamentals. In addition, Iuorio highlights the uses of silver:
It can easily be grouped into some green new deal products such as silver, copper. Silver is used in solar panels, electrical conductivity is very, very important in the new green deal.
More importantly, it’s not the amount of silver used in these green technologies, but the market’s perception of it all. Iuorio adds:
I care when the market changes its focus and decides that silver will be the flavor of the day, the month, the semi-annual. And I believe this is happening right now. Technical analysis tells me this. The underlying story is not as important as the fact that the market has come to this truth and you are just trying to stay ahead of it.
Silver also plays well with the current inflation narrative. “I own the entire dollar hedge part of my portfolio that is real estate, platinum gold, silver, Bitcoin, Ethereum,” Iuorio said. He even says he sees them as a safe haven:
If things start to get really bad, these are (assets to keep) for me.
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