Video News/In Focus with Jeremy Szafron

(Kitco News) - Exchange margin hikes did not kill silver’s record rally, according to David Morgan, publisher of The Morgan Report, who said the market simply “got way overheated.” Silver hit a record $121.67 an ounce on Jan. 29 before falling below $50 by late October. Morgan, who has followed the market since 1980, called January “a classic top” and said parabolic moves tend to end almost as quickly as they rise. He told Kitco News anchor Jeremy Szafron that COMEX silver inventories have increased over the last several years, contrary to claims that the vaults are being drained. Morgan said silver is now in the “wear you out” phase for newer investors. He backed away from his earlier call for $70 silver by year-end, but put the odds of new highs in gold and silver in 2027 at 70% to 80%. He said he took partial profits in January, bought more silver at $52 and is holding cash. He is watching roughly $47 as support, with $35 below that, and wants to see silver hold above $70 before a sustained move higher.