$100 Silver in 2027 Is Only the Warmup -Steve Penny
The lovely Michelle Makori sat down with Steve Penny of Silver Chartist after silver had already done the thing most analysts said it would never do. It ran above $120. Then it fell hard, toward $55. The paper tape called that the end. Penny called it a reset inside a bull market that is not finished.
Makori pressed him on timing, not slogans. Banks are still publishing $70 and $80 targets into 2027. Bank of America talks about $100 only if gold drags it there late in the year.
Penny’s map is different. He expects silver back around $100 in the first half of 2027. He does not expect it to tag that print and then sprint forever. He expects a grind, then a break above $100, then a break above $120, then the race.
“I am as optimistic as possible and I think the $300 target is very conservative.”
That is the line he wanted on the record. $300 silver. $15,000 gold. Not next quarter. After the Fed finishes the sequence he calls hike, pause, print.
Debt math, he said, will cap how high rates can go. When the next financial or market crisis arrives, the printer comes back. That is the catalyst that turns a $100 revisit into the real move.
He used the 1970s as the analog. Sharp pullbacks. Technical damage. Sentiment flushed. Then the second leg that made the first look polite. Investor demand, not solar thrifting, is what he thinks sets the price. Military restocking is the wildcard. AI buildout still eats metal even if solar uses less per watt. The East taking physical delivery is the quiet tell that futures price discovery is leaking.
Makori walked him through bank forecasts versus the Commitment of Traders book. Penny would rather listen to positioning than a December $70 call from a desk that has been late all cycle. He also warned the people who want $300 next year.
“I see a lot of people expecting the price of silver to reach $300 in an unreasonable timeframe, like next year. Can this happen? Yes, but that’s an unlikely outcome.”
Wrong calendar, he said, is how you get shaken out of a bull market that is still intact. His base case is $100 in the first half of 2027, then sideways work into late 2027, then the break that lets him talk about the much higher numbers. Physical metal stays at the center of the strategy. Paper is where the games live. Bars are where the East is already standing.
The interview’s punch is the order of operations. First the washout. Then $100. Then $120. Then the print. $300 is not the warmup. $100 is.
