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Steve Penny: Currency Crisis to Lead to $300 Silver

Tom welcomes Steve Penny back to the show. Steve is a full-time trader specializing in silver, gold, and uranium.

Steve discusses how the world is becoming increasingly unstable, and he has coined the term “Practical Preparedness” to highlight the need to financially insure ourselves against possible problems. It’s essential to get that insurance before it’s needed because it likely won’t be available when you need it. It’s too late to get insurance once your house is on fire.

Steve discusses how the dollar is in a downtrend no matter how you measure it. We still have some resistance around the 89 levels, but once through it, that should set up a strong tailwind for precious metals.

Gold has been outperforming the DOW in recent weeks, and he expects this to continue. He expects the senior gold miners to lead the gold price, which we are currently seeing.

He expects SIL.J & GDX.J to break out and follow their senior counterparts. Gold is signaling a textbook cup and handle, along with a possible breakout.

Steve thinks silver is likely the most manipulated metal on the planet, but they can’t change the overall long-term trend.

Commodities are quite undervalued relative to the S&P 500. He expects commodities will revert to the mean and eventually overshoot. We are still in the early stages of this long-term move.

Steve discusses his expectations for uranium and why we are likely still early. Spot uranium will have to rise to incentivize new production, and fifty is the minimum required. He shows how Cameco has broken above its long-term downtrend, and volume is confirming the current move.

Time Stamp References:
0:00 – Introduction
0:34 – Practical Preparedness
3:15 – US Dollar Chart
4:20 – Gold/Dow Ratio
5:58 – GDX & GDX.J
9:45 – SIL.J Chart
11:03 – Gold Monthly
11:46 – Silver Monthly
12:22 – Manipulation Analysis
14:13 – Commodities vs. S&P
16:05 – Uranium Monthly
18:15 – Cameco Chart
19:43 – Concluding Thoughts

Talking Points From This Episode

  • Practical Preparedness and Precious Metal Insurance
  • The dollar downtrend and Gold/Dow ratio.
  • Expectations for junior and senior gold & silver ETFs.
  • Commodity valuations and the bullish outlook for uranium.

Guest Links:

Steve Penny is a full-time trader and investor specializing in the silver, gold, and uranium markets. Mr. Penny shares his unique insights and chart-based trading setups on his popular Twitter feed. Mr. Penny served as an Air Force pilot for 15 years and now flies for the airlines. Steve has launched a free weekly chart pack report, which is available on his website.

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