Silver Is Setting Up for $500 | Florian Grummes
The Deep Dive Aug 13, 2026
Summary
Silver's breakout above $50 forms a 'cup-and-handle' (a rounded base resolving upward) targeting $250-$500, with the best of the bull still ahead.
Gold's close above the 50-day moving average signals a push toward the 200-day near $4,500, with $4,400-$4,600 acting as heavy resistance.
After months on the sidelines, Florian is ramping mining-equity exposure again, favoring track-record juniors in tier-one jurisdictions with near-term production paths.
A gold-silver ratio still near 43 — well above the 1980 peak around 15 — keeps silver structurally undervalued if the secular bull thesis holds.
Cash-flush miners are positioned for a multi-year M&A wave buying junior ounces, with sector deal activity already at its highest since 2012.
Steve Hyland's takeaways
- Top takeaway The host frames the interview around Florian's gold thesis, precious-metals equities, and where silver producers fit in.
- The host points out that gold juniors trading below $10/oz still exist at today's gold prices, attributing it to balance sheet or management reputation issues.
Florian Grummes's takeaways
- Top takeaway The guest argues the secular bull market in precious metals has not topped and that silver has a technical target between $250 and $500, with the best still ahead.
- The guest expects gold to retest the 200-day moving average near $4,500 and identifies the $4,400–$4,600 zone as strong resistance into autumn 2026.
- The guest is constructive on silver producers, citing a gold-silver ratio around $43 (versus a 1980 peak of $15) and silver's role in AI and solar demand.
- After turning bearish on mining equities in late January 2026 and avoiding the sector for six to seven months, the guest has rebuilt allocation and now favors juniors and explorers.
- The guest expects an M&A wave over the next several years, with larger producers using cash flows at current gold prices to acquire juniors and developers.