Silver hit a record $121.67 an ounce on Jan. 29, 2026, and was under $50 by late October. Many silver investors say the exchange killed the rally. David Morgan, publisher of The Morgan Report, says it didn't. He called January a "classic top" and said "there is no parabolic move in recorded history that doesn't end almost as rapidly as it goes up."
Morgan said 1980 was different. He said the man who ran the Hunt brothers' trust told him "they changed the rules." He also said COMEX silver inventories have risen over the last several years, that solar is no longer the main driver of silver demand, and that he does not expect a gold-backed yuan.
With silver near $51, Morgan said the metal is in the "wear you out" phase. He backed off his call for $70 by year-end but put the odds of new highs in gold and silver in 2027 at "70, 80%." He said he took partial profits in January, bought more at $52 and is holding cash. He is watching $47 on the downside and $70 on the upside.
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