Steve Penny on Silver’s Next Bull Market, Gold Forecasts and Options Trading - LinkedIn

AI desk brief

SilverChartist founder Steve Penny stayed structurally bullish on gold, silver and other hard assets, arguing persistent inflation, rising debt and fiat debasement support the long-term metals case. He said silver’s recent correction should be viewed in the context of prior bull-market consolidations, while his trading framework separates physical holdings, mining stocks and options-based tactical positions.

On gold, Penny said $3,900 was previously viewed as a key support zone, but the probability of holding that level has fallen; if it breaks, he sees scope for a brief move toward $3,500. He also pointed to Chinese dip-buying and said Shanghai futures traded at about a $20 premium to COMEX during January’s run-up, suggesting price discovery may be shifting toward Asian physical demand. His longer-term scenario assumes the current gold bull market could ultimately resemble prior advances that averaged roughly 15x, implying about $15,000/oz gold and $300/oz silver on a 50:1 ratio, though he framed those as multi-year possibilities rather than near-term targets.