This Catalyst Pushes Silver Into Triple Digits & Keeps It There
This Catalyst Pushes Silver Into Triple Digits & Keeps It There
Steve Penny & Michelle Makori: 1-17-2026
Michelle Makori, President & Editor-in-Chief, Miles Franklin Media, sits down with Steve Penny, Founder of SilverChartist, to break down where we are in this silver bull rally.
Penny discusses what it will actually take for silver to break above $100 an ounce and stay there for good. Silver is up more than 180% year-over-year and has already traded above $100 in Shanghai, while Western markets lag behind.
Penny explains why this divergence matters, how true price discovery is shifting toward physical markets, and why the decades-long paper-driven pricing model may be breaking down.
In this interview, Steve walks through the largest technical breakout in silver’s history, key support and pullback levels, the role of industrial demand from AI, solar, and defense, and why central bank policy and debt dynamics are setting the stage for sustained triple-digit silver.
He also outlines realistic price targets, the risks of intervention, and where silver miners fit into the next phase of this bull market.
Steve also shares his top trade of 2026 and it is not silver. In this episode of The Real Story:
Why silver above $100 may become permanent, not temporary
The Shanghai premium and what it signals about physical demand
Paper vs. physical silver: is price discovery finally shifting?
The “mother of all cup-and-handle” breakout explained
Key support levels and pullback risks traders should watch
Why silver miners are lagging
How debt, inflation, and Fed policy feed the silver bull case
Steve’s top trade of 2026
Introduction
02:09 Interview with Steve Penny
03:38 Factors Driving Silver's Rally
04:54 Supply & Demand Dynamics
08:38 Shanghai Premium & Market Manipulation
11:14 Technical Analysis of Silver
17:17 Historical Context & Future Predictions
23:53 Potential Pullbacks & Support Levels
27:41 Bull Case Scenario for Silver
29:24 Predicting $300 Silver by 2030
30:01 Gold-Silver Ratio Strategies
34:01 Comparing Historical & Current Fundamentals
39:01 Geopolitical Impacts on Silver & Gold
41:00 Central Banks & Silver Investments
44:31 Silver Miners vs. Silver Prices
47:42 National Debt & Precious Metals
51:26 Top Investment Picks for 2026
54:24 Personal Insights & Final Thoughts