Midas Touch Consulting CEO predicts silver prices to rise to $40–50 by early summer

Midas Touch Consulting CEO Florian Grummes is confident that the rally in gold and silver will continue amid the current volatile conditions. Both precious metals are considered to be safe-haven assets and are now in high demand among traders.

The recent surge of gold above the $3,500 level and subsequent pullback to $3,300, as Grummes suggests, indicate profit-taking by investors. He believes that soon gold will continue to set record after record.

Silver is also starting to show impressive results. Grummes forecasts that by summer, its price may rise to $40–50 per ounce. He considers the asset extremely undervalued. This is confirmed by the gold-silver ratio.

Midas Touch Consulting CEO does not see the level of $50 as a ceiling for the silver price. If the metal reaches this point, the upward momentum may be enough to conquer the $90–100 range.

Grummes also considers stocks of such companies as First Mining Gold and Silver Tiger Metals to be undervalued. According to him, market participants are ignoring the incredible potential of these firms, which have vast reserves of precious metals.