Steve Penny

SILVER Will Outperform Gold 'By a Wide Margin' When Fed Cracks: Steve Penny

The guest argues silver will outperform gold nearly 5x: the gold-silver ratio (silver ounces per gold ounce) sits near 70:1 versus 15:1 in 1980. He maps today's silver market onto 1974: a 50% drawdown and sideways grind for one to three quarters before Fed easing ignites a 1979-style melt-up. A $40 trillion national debt rules out a Volcker-style rate shock, so he expects the Fed to print when the next crisis forces its hand. Uranium is his top pick: spot near $80 sits below the 2007 peak of $148 while the supply deficit leaves needed production unbuilt. He is scaling back into silver miners and uranium stocks using pre-planned if-then buy levels, calling the risk-reward favorable on a one-to-two-year horizon.

SILVER Miners 'Printing Cash' - 'Most Undervalued' Play in Precious Metals: Steve Penny

• Top takeaway TOP: He argues silver miners are the most undervalued part of the precious metals complex and are printing cash even with silver in the $50s, because he thinks the market is pricing in lower silver prices than his base case.
• He expects both metals to stay range-bound longer than most people assume, with gold around $3,500 to $5,000 and silver in the high $50s to low $60s possibly into 2027, and places the big move further out than the market expects.
• He says uranium is his most bullish sector on a risk-return basis, noting a uranium-to-gold ratio chart is just beginning a new uptrend after uranium underperformed gold for 15 consecutive months, and that AI data-centre demand is an upside kicker rather than the thesis.
• He favours larger caps and ETFs over individual picks, with URNM his single-ticker choice, and accumulates by selling cash-secured puts struck about 20% below the current price on high-quality names in gold and uranium.
• He is building cash toward roughly half of his portfolio, sitting at about 20% in an opportunity fund parked in SGOV, on the view that the Fed's response to the next deflationary impulse will drive the next big metals move.

Silver miners earn record profits at $50-$60 silver yet trade as if prices stay lower, the guest's central mispricing argument. He expects a long range-bound stretch - gold $3,500-$5,000 - before the next major precious metals leg higher. Uranium priced in gold is unusually cheap after 15 months of underperformance, and he expects it to outpace gold. Rather than pick stocks, he sells cash-secured puts and prefers large producers or uranium ETFs over developers. Royalty and streaming names hold margins better than pure-play miners when prices fall, yet trade like them.

Steve Penny – Chart Analysis Video – US Dollar, Silver, Gold, GDX, SILJ, SRUUF, URNM

• Top takeaway As of the July 1, 2026 recording, the guest argues the precious-metals complex has swung from his earlier caution back to attractive entry points, with risk-reward now skewed to the upside across silver, gold and uranium.
• He maps silver's January peak near $121 onto the 1974 analog and expects a longer sideways base than most expect — he would be thrilled just to reclaim $121 by 2027 — before the 1970s-style '1979 moment' (an 8x move in 12 months) he is confident still lies ahead.
• On silver he calls the $54 area the 'mother of all support,' treats $48 as the plausible worst case, and is buying on weakness in the roughly $55-to-$48 zone.
• On gold he says the most overbought monthly RSI in its history still needs to be worked off; he sees $3,900 as the next support and $3,500 as the worst-case major support, would trim above $5,000-$5,500 if overweight, and still expects gold north of $10,000 eventually.
• He remains technically bullish but fundamentally bearish on the US dollar — a confirmed uptrend above a rising 200-day moving average that he says must be respected as a headwind, not a barrier, for the metals.

The dollar's confirmed technical uptrend is a headwind for metals, but the guest stays fundamentally bearish and expects a topping process. Silver's January peak mirrors 1974, so the guest expects a long base but is accumulating the $48-55 'mother of all support' zone. Gold must digest its most overbought reading ever; the guest treats 3,500 as worst-case support and still expects $10,000 gold. Uranium's dip reflects AI data-center doubts; Sprott Physical Uranium Trust's ~10% NAV (net asset value of holdings) discount tends to mark bottoms. The guest pre-maps if-then levels, sizes positions modestly, and trims into strength to keep dry powder for dips.

Steve Penny – Silver, SILJ, SILJ:Silver, Gold, GDX, Gold:Silver, SRUUF, URNM, and Uranium:Gold Ratio

• Top takeaway Frames silver as in a '1974 moment' analogous to the 1970s bull market, arguing the 1979-style 8x move still lies ahead once the Fed responds to the next panic
• Sees the ~40% drop in silver from $121.78 to $71.20 as a healthy consolidation mirroring 1974, calling $50 the strongest long-term floor in silver's history
• Calls silver miners the best value in the precious metals space, noting the SILJ:silver ratio hit historic lows last Friday and framing a thought-experiment target near $63.75 on SILJ at $75 silver
• Picks uranium as his favorite sector to speculate in for 2026, with a $106 spot-price target and bullish supply-demand backdrop referencing Energy Secretary Chris Wright
• Advocates trimming into overbought extremes to maintain a 'volatility bucket' of cash and scaling back in via if-then statements at key support levels like the 50-day and 200-day moving averages

Steve Penny frames the current ~40% silver pullback as a 1974-style consolidation, suggesting a 1979-style final-leg upside still ahead. Silver spot is testing its rising 50-day MA near $71, with $69 and $60 as next support; Penny scales in via if-then triggers. Junior silver miners (SILJ) have lagged the metal to historic extremes, making them the best risk/reward in precious metals per Penny. Gold's $56.26-to-$44.23 pullback still holds key MAs; Penny rotates toward gold when the gold-silver ratio falls below 50:1. Uranium is Penny's favorite 2026 sector; SRUUF shows a confirmed inverse head-and-shoulders targeting $28.45 on a healthy post-breakout pullback.

Silver Crash To $50? What Comes Next | Steve Penny

• Top takeaway Argues silver could plausibly test $50 or rally to $150–$160, framing both as live outcomes within what he calls a 'spectrum of plausible short-term outcomes' as of the 2026-01-01 recording
• Compares the current move to a 1974-style intermediate blow-off top within the 1970s bull market analog, not the final 1979–80 peak, and looks for a Fed response to a deflationary impulse as the eventual catalyst toward well north of $100 silver
• Plans to de-risk by trimming profits so he can sleep at night whether silver pulls back 30–40% to roughly $50 or runs to $160, and is swapping some silver back into gold now that the gold-silver ratio has been cut in half from ~108 to ~55
• Sees less downside risk in gold than silver near-term and would accumulate gold on dips while being more patient with silver, with about a 1:1 risk-reward in gold over the next couple of months
• Says junior silver miners (SILJ) currently have the widest margin of safety, priced as if silver were in the high- to mid-40s, and that a return to the 2016 SILJ-to-silver ratio would put SILJ above $40 even if silver pulled back to $50

Silver tests $70 support after its most volatile 3 days; guest frames this as a 1974-style blow-off top, not the final peak. Bear case: a surprise dollar rally and panic sell-off could pull silver to $50; the Fed's response would then drive it past $100. Bullish measured-move targets from cup-and-handle and 1979 analogs reach $96-$162; junior miners SILJ lag the metal, offering wider margin of safety. Gold trades with silver but carries less downside risk near $4,409; guest prefers buying gold on dips and is more patient with silver. Platinum tripled off an eight-year triangle breakout and stays volatile; $1,770 is initial support, with the rising 200-day as a low-risk entry.