Silver just broke through ANOTHER key price level traders had been watching – $60 an ounce. So, what will the “junior” precious metal do next?

Let’s start by looking at the MoneyShow Chart of the Day, which shows the last three months of trading action in silver futures. You can see that silver had a nice run in September through mid-October, followed by a multi-week consolidation pattern. Silver broke through $55 next...consolidated for a shorter period of time…then knifed through $60 on Tuesday.

Silver Futures (3-Mo. Chart)

chart

Source: Yahoo Finance

If you step back a bit, you see its track record is even more impressive. The iShares Silver Trust (SLV) has now more than doubled year-to-date, well ahead of the 59.1% run in the SPDR Gold Shares (GLD). The abrdn Physical Platinum Shares ETF (PPLT) has essentially split the difference, gaining 80.5%.

I’m not surprised. I’ve been laying out a bullish case for metals for a long time. In fact, I wrote in February that silver would likely “follow” the path blazed by gold. Other experts in our speaking roster have been equally bullish, early, and correct – including Brien Lundin of Gold Newsletter (See this MoneyShow Money Masters Podcast for his take).

So, will the run continue? This week is tricky because the Federal Reserve is meeting.

While policymakers will likely cut interest rates by another quarter-point, there should be some dissention among voters. Plus, Fed Chair Jay Powell could use his press conference to push back against market expectations for even more cuts. That would arguably cause the dollar to rally and precious metals to dip.

But over the longer term, both official and private investors are continuing to plow money into alternative stores of value. That includes gold and silver. Silver will also likely close out 2025 in its fifth successive annual deficit (meaning demand from industrial, jewelry, and investment buyers is outstripping supply from mines and recycling), according to The Silver Institute.

Or in other words, I don’t see any reason to get off the bullish bullion train in 2026!