Last December, while silver was in the low $20's, Eric Sprott predicted that silver would hit $50 within 6 months. Silver came within 27 cents of his call in early May before the massive take-down.
While not quite a bold of a call as the last one, Sprott is now calling for silver to begin a powerful rally here, and hit a new high in 2011.
As readers of SilverDoctors are aware, The Doc couldn't agree more.
It's very difficult to pick timeframes, because so many events can transpire, but I really believe that silver will trade at a 16:1 ratio to gold. I certainly believe that gold can get to $1,600/oz. this year, and while I'm not suggesting that silver will make it to $100/oz. this year, it'll certainly trade at a 16:1 ratio to gold within three to five years. By then, who knows? Gold could be at $2,500/oz.So, it's hard to define when it's going to happen. Earlier this year, I was totally convinced that silver would easily make $50/oz., and for all intents and purposes, it has. I think silver will rally pretty powerfully from this little selloff we've had, and hit a new high this year.
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