David Morgan Is Buying Silver Again Near 52 and Puts 70 to 80 Percent Odds on New Highs in 2027
Silver’s January 2026 spike to $121.67 and the brutal drop that followed did not kill the bull market, according to David Morgan of The Morgan Report. In a new Kitco News interview he called the peak a classic top, not an exchange assassination, and said he has already stepped back in as a buyer.
“We really saw a classic top Jeremy. I mean this is typical what happened in 1980. It’s very similar to what happened in 2011. There is no parabolic move in recorded history that doesn’t end almost as rapidly as it goes up. That’s just a fact.”
Morgan sold partial profits into the January mania, then bought more metal at $52. With silver now near $51 he is holding cash and watching the $47 to $70 range. He has backed off his earlier call for 70 by year end but still gives 70 to 80 percent odds that both gold and silver will make new highs in 2027. The current period, he says, is the classic “wear you out” phase that silver has always used to shake out weak hands.
This stance lines up with what Morgan told The SilverTrade Insider earlier this fall. There he insisted the bull run is far from over, that the market is still in an early transition phase rather than a speculative blow off, and that silver will reclaim the 90s, push into triple digits, and overtake the 120 high. He also warned that the U.S. government will stockpile silver, adding a powerful new source of demand.
The Kitco interview reinforces the same message. The exchange raised margins because the market got frothy, exactly as it does in every commodity when speculation runs too hot.
No delivery failure occurred. COMEX inventories have actually risen. Solar thrifting has reduced one source of industrial demand, yet the broader monetary and industrial case remains intact. Wall Street still underestimates how little physical silver is available relative to the 8 trillion sitting in money market funds.
Morgan’s own actions speak louder than the price chart. He sold strength, then bought the dip at $52. He is not calling for an immediate moonshot, but he is positioning for the next leg higher. After three major silver blow offs in fifty years, the pattern is clear.
The metal scares you out or wears you out, then resumes its climb.
With Morgan once again a buyer and assigning high odds to new highs next year, the bull case for physical silver has not ended. It has simply paused.
