Mike McGlone warns of prolonged silver price correction toward $50

McGlone maintains a bearish outlook, noting that silver currently trades at $59.11, down nearly 2% for the day. He warns that the metal could remain trapped between $50 and $84 for an extended period. His analysis draws parallels to the 1979-80 market surge, suggesting that the current "hangover" from record-breaking peaks could be just as enduring as previous historical extremes.

The technical data highlights significant instability, with silver's 260-day volatility currently 5.1 times that of the S&P 500—the highest relative level since the 1980 price collapse. McGlone points out that the metal’s 10-year mean-reversion price sits at approximately $31, leaving room for further downside. To regain positive momentum, he argues that silver would need to climb back above $84 and sustain that level. Beyond silver, McGlone anticipates downward pressure on gold, predicting it may fall below $4,000 as high five-year US Treasury yields and rising oil prices create persistent headwinds.