Michael Oliver Says Buy Silver, Not Gold
VRIC Media Jul 2, 2026
Summary
Silver, not gold, is now the stronger monetary-metals trade, argues Michael Oliver, with emphasis shifting to the silver miners.
Silver trades near 1.6% of an ounce of gold; a return to its 1980 share of 6.5% would quintuple silver's relative value.
Silver only cleared its 1980 price high late last year while gold surpassed it twice — a delayed breakout he expects to end in sharp repricing.
Michael Oliver's takeaways
- Top takeaway Argues that the place to be in monetary metals is no longer gold but silver, with emphasis on the silver miners.
- Says the silver-versus-gold technicals verify the call: buy silver, not gold.
- Notes silver only finally broke above its 1980 high in late 2025, whereas gold has taken out that level twice.
- Points out silver trades around 1.6% of the gold price (as of mid-2026) and could return to its 1980 relative level of about 6.5%, meaning roughly a quintupling of its value relative to gold.
- Expects silver to reprice in a sharp, 'tantrum-type' move as it gains relative valuation against gold.