Ben Davies is looking for a silver breakout in the 4th quarter that will send silver to $65, a mere $5 from The Doc's $70 target. After previously stating that gold will hit $2,100 in 2011, Davies has now moved up his timeline for his $2,100 call to the end of September.
Silver, we actually have a sensitivity to silver at the moment, we’re quite partial to it. We think the price action has been very solid. Since the $50 level it has been acquiescing sideways, but considering the other industrial elements have done very poorly vs gold, silver has really held in well.
I really believe that we are nearing the beginning of a third wave higher. We are creating that type of pattern where we are really going to start accelerating higher over the next quarter. Silver will take out the $50 highs and will go pushing into the mid 60’s.