Breaking: Silver Tops $38 for First Time Since 2011 
Silver just achieved something it hasn’t done since 2011: it broke through $38.47, marking a 14-year high. For Mike Maloney, this isn’t just another milestone – it’s the confirmation of a massive technical pattern he’s been tracking for over a year.
“I think that we are going to be seeing $48 silver,” Mike states in his latest video update. “There’s going to be a $10 move coming up very quickly here, I believe.”
Mike Called This Move Earlier this Year
Back in April 2025, Mike identified what he calls a “cup and handle” formation in silver – a powerful technical pattern that often precedes major price moves. This wasn’t just any pattern, though. This formation has been building since the 2011 peak, making it a 14-year setup.
Today’s breakout above $38.47 confirms what Mike predicted: the silver slingshot has been released.
But here’s what makes this breakout particularly significant: there’s virtually no overhead resistance. Mike points out that only about three months of trading occurred above current prices – and that was 14 years ago. The investors who bought at those levels and might be waiting to “break even” are few and far between.
“Most of those people are absolutely convinced that it’s going to far higher prices than this, and so they’re not going to sell anyway,” Mike explains. “That means it’s only the technical traders looking at this. It’s 14-year-old weak resistance.”
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The Path to $48 – and What Happens Next
Mike’s immediate target is $48, representing a $10 move from current levels. But what happens when silver reaches that psychological $50 level?
“When it does hit the $48 to $50 level, you’re going to see it probably be repelled and it’ll chop sideways a little bit,” Mike predicts. “When it blasts through it, we’re in clear air.”
This “clear air” concept is crucial. Once silver breaks above $50, there’s no historical overhead resistance to slow its ascent. The last time silver traded above $50 was during the 1980 bubble – over 45 years ago.
7 Years of Deficits: The Supply Story Driving Silver Higher
While the technical setup is compelling, the fundamental picture might be even more bullish. Mike reveals data showing seven consecutive years of silver supply deficits:
- 2019: -73 million ounces
- 2020: -286 million ounces
- 2021: -144 million ounces
- 2022: -132 million ounces
- 2023: -163 million ounces
- 2024: -210 million ounces
- 2025 (projected): -187.6 million ounces
“When you’ve got a supply and demand issue, what puts them back into balance?” Mike asks. “Price. It’s the only thing that puts them back into balance.”
But here’s the kicker: as the silver slingshot gains momentum and more investors rush in, Mike believes the 2025 deficit “will probably end up closer to 300 million ounces.”
How Undervalued Is Silver? The Numbers Will Surprise You
To put today’s $38 silver price in perspective, Mike shares calculations from his book showing where silver would be if it had kept pace with other assets since the 1980 peak:
- Consumer Price Index: $200/oz
- Housing prices: $468/oz
- Currency in circulation: $971/oz
- Stock market (Wilshire 5000): $2,178/oz
The average of all these metrics? $921 per ounce.
“I’m not saying it’s going there,” Mike clarifies. “What I’m saying is that 38 bucks is still an absurdly low price. This is not the top in my opinion.”
The 4 Factors That Make This Breakout Unique
Mike has been analyzing precious metals for decades, and he’s seen plenty of false starts. But several factors make this breakout unique:
- The 14-year consolidation period – one of the longest in silver’s history
- Minimal overhead resistance – unlike previous rallies that faced heavy selling pressure
- Seven years of supply deficits – a fundamental imbalance that must resolve through higher prices
- The monetary backdrop – with continued currency creation, Mike argues that thinking this is a top means believing “they’re going to stop typing new dollars into existence”
Silver’s Next Chapter Begins Now
Mike’s message is clear: the technical setup that took 14 years to develop is finally playing out. With silver breaking through multi-year resistance and heading toward $48, we may be witnessing the early stages of a much larger move.
“The silver slingshot has begun,” Mike states, “and as it progresses, more and more people are going to rush into this.”
For those who’ve been waiting for confirmation that the next major leg up in precious metals has begun, today’s breakout may be the signal they’ve been looking for.
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