Silver Rises Over 120% YTD 
Silver is heating up like never before. Prices are within striking distance of record all-time highs, and multiple forces — technical, fundamental, and supply-driven — are aligning to suggest the rally may just be getting started.
In his latest update, Mike Maloney lays out why he’s personally adding to his silver position, even at levels above $33 (a price point he’s never paid before). Here’s what you need to know about silver’s setup — and why it could be on the verge of an historic breakout.
Silver Nears Record Highs
On the heels of a stunning rally, silver has jumped more than a dollar in a single morning and is now less than $3 from all-time highs. That’s not just a number on a chart — once silver crosses that threshold, history shows it tends to enter the mainstream news cycle, first monthly, then weekly, and eventually daily.
Back in 1980, when silver last went “ballistic,” media coverage amplified investor FOMO, sending demand through the roof. Mike believes we’re about to see a repeat.
Technical Patterns Flashing Green
Maloney has long tracked the “cup and handle” pattern on silver’s charts — a classic formation that often precedes explosive upside.
- Daily, weekly, monthly, and even yearly timeframes all show completed breakouts.
- The long-term 45-year cup-and-handle has already fired what Mike calls a “silver slingshot.”
- Based on these formations, technical targets point into triple-digit territory over time.
While exact levels are hard to predict, the consistent pattern across multiple timeframes adds conviction to the bullish case.
Outperformance vs. Gold and Stocks
Silver isn’t just rising — it’s outperforming nearly everything else.
- Over the past two years, silver gained 120%, compared to 105% for gold and 55% for the stock market.
- Year-to-date, silver is up roughly 55%, outpacing gold (+42%) and equities (+12%).
This relative strength reinforces silver’s role not just as an industrial metal, but as a powerful store of value in times of financial stress.
Supply Constraints Tightening
While price action gets headlines, the real driver may be what’s happening behind the scenes in supply.
TD Securities recently warned that London vault free-floating inventories of silver are at critically low levels. Their estimate: at the current pace of ETF inflows, inventories could be depleted in less than four months.
That means:
- Liquidity is drying up.
- Price “gaps” — sudden jumps of $20–$40 per ounce without trading in between — become increasingly likely.
- Convex price action (accelerating moves higher) could catch many investors flat-footed.
As Mike explains, silver is such a small market that even modest amounts of institutional money can have outsized impacts compared to gold.
Sentiment Still Quiet — For Now
Despite the surge, mainstream investor interest remains muted. Bullion shops aren’t seeing long lines. Western media coverage is sparse. Even in countries where silver is already breaking records (like Japan), the story is largely ignored.
That calm could be the quiet before the storm. As prices cross all-time highs and headlines catch up, public attention is likely to shift from apathy to urgency — fueling the very FOMO that sends prices parabolic.
Institutions Are Waking Up
Some of the biggest names in finance are already adjusting:
- Morgan Stanley has recommended clients liquidate half of their bond allocations and reallocate to gold — a shift that indirectly supports silver’s case.
- Billionaire investor David Baitman pointed out that a $400 million purchase captured only 0.01% of annual gold supply, but the same dollar amount bought 1.5% of silver’s supply. The math highlights just how small — and therefore explosive — silver’s market can be.
Mike’s Bottom Line
Mike Maloney isn’t telling anyone else what to do, but he is clear about his own strategy: he’s buying more silver today. For him, the gold-to-silver ratio still signals value, technicals are breaking out, and supply dynamics suggest a once-in-a-generation opportunity.
The key takeaway? Silver may be one of the most asymmetric bets in today’s financial markets — small shifts in demand could drive enormous moves in price.
Final Thought
Silver is already climbing faster than gold and stocks, yet the broader public has barely noticed. With technicals pointing higher, inventories drying up, and institutional money beginning to pivot, the setup is clear: the window to accumulate silver before it hits mainstream mania may be closing.
As Mike puts it, “We are less than $3 away from silver being in the mainstream media news every day. And when that happens, demand goes exponential.”
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People Also Ask
How close is silver to reaching record highs?
Silver is less than $3 away from its all-time high, putting it on the verge of breaking into mainstream headlines.
What chart pattern is signaling higher silver prices?
Silver has completed a long-term “cup and handle” pattern across multiple timeframes, often a precursor to explosive upside.
Is silver outperforming gold and stocks?
Yes. Over the last two years, silver gained 120%, compared to 105% for gold and 55% for the stock market.
Why are silver supplies running low?
TD Securities reports that free-floating silver inventories in London vaults are critically low and could be depleted in under four months.
Why hasn’t silver’s surge hit mainstream news yet?
Despite record moves in some currencies, Western media coverage remains muted — but FOMO could rise sharply once all-time highs are broken.
