Interview With David Morgan On $5.00 Silver
David Morgan: "It is getting more difficult to predict what the market reaction will be to specific events. As people figure out that there really is no solution to the global financial system without a great deal of pain and some defaults along the road, more will seek the safety of precious metals. So, even when things calm down for the moment, it does not mean the precious metals will not get pushed down. You could see gold and silver react to the downside, perhaps dramatically—$5/ounce (oz.) silver is not entirely out of the realm of possibility. My best guess is we will see some pullback going into mid-August.
Wow. Silver at $5.00 per ounce in August? Then an incredible rebound to $75.00 as a NEW BASE LEVEL?
Is this for real? Is he smoking crack? I don't know but that type of volatility would be UNREAL!!!! To be sure silver is the most volatile metal.
Jim Sinclair said it best, "Volatility, thy name is Silver", but really, seeing silver at $5 per ounce would be pretty damn amazing considering where the world is now as compared to where is was when silver was last trading at $5.00.
I guess if Silver is correcting back to $5 in the next two or three weeks then gold will be going down to $325 or so?