6.17.25 - Time for Major Leg Up in Silver Prices

6.17.25 - Time for Major Leg Up in Silver Prices

Gold last traded at $3,384 an ounce. Silver at $37.13 an ounce.

Time for Major Leg Up in Silver Prices, According to Veteran Trader - Here's His Price Targets

A widely followed cryptocurrency analyst and trader says silver is about to have a massive breakout.

The analyst pseudonymously known as Bluntz tells his 320,800 followers on the social media platform X that silver may start to outshine gold, which has been hitting new all-time highs.

"Silver gearing up for the next major leg up in my opinion, gold probs about to take a backseat for a bit as gold-to-silver ratio starting diverge heavily again on low timeframes."

Bluntz practices Elliott Wave theory, which states that a bullish asset tends to go through a five-wave move up before an ABC correction. Based on the trader's chart, he appears to suggest that silver is in the process of its third-wave surge. He predicts silver may reach the $40 level, then have a slight correction before soaring to around $43.

Bluntz also says other indications of a silver breakout include the possible formation of a bullish inverse head-and-shoulders (IHS) pattern against the S&P 500 (XAG/SPX) on the monthly chart.

Four months later and now silver is also on the cusp of the same massive breakout against equities. Four year IHS breakout brewing with volume increasing substantially in the breakout. Multiple extremely high timeframe bull divergence. Decade-long downtrend broken."