How Low Will Gold & Silver Go? | Andy Schectman

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**Adam Taggart** (1:00)
And we're live. Welcome to Thoughtful Money, folks. I'm its founder and your host, Adam Taggart, welcoming you here for another one of our monthly updates with the great Andy Schectman to talk about everything gold and silver. Andy, how are you doing, buddy?

**Andy Schectman** (1:14)
Adam, I am good, my man. How about yourself?

**Adam Taggart** (1:18)
I'm very good. I understand that I am one of like a dozen interviews that you're doing today, so we'll crunch right through and we'll get you to your next one.

**Andy Schectman** (1:29)
You're my favorite.

**Adam Taggart** (1:31)
Thank you. I'm sure you tell that to everybody. I'm going to pretend that you don't.

**Andy Schectman** (1:34)
All the girls, right? All the girls.

**Adam Taggart** (1:38)
I have to title these live streams before we actually record them. I've titled this one, How Low Will Gold and Silver Go? I think people are starting to ask that question. I don't want to say that people are losing hope on the precious metals, but I think they had hoped that they had found their bottom. But as of late, they have been slipping, and I'm just pulling up the futures here. The day that we're talking right now, Silver Futures have just cracked below 75 an ounce. They've been down in this territory before, but they were up at like 89, like a week ago, and then lost it all. Gold is 4,400-ish.
So, it's kind of on this sort of like slow, steady fade. And I think folks are probably naturally starting to worry, whoa, this stuff's not regaining momentum and slowly trending down. Is it going to find some sort of breaking point at some point down here? Not saying that's what you think, but I'm just curious, what would you say to people who have those concerns?

**Andy Schectman** (2:38)
I'd say watch your video with Michael Oliver. I watched it a week ago or so, and it will renew your faith in all of this. I mean, look, I think first and foremost that there is, and there has been, and I think that's not what this is about, but there has been selling physical to capture profit.
But you look at that from a pragmatic standpoint, you say, yes, there's this choppiness. It's trading with great volatility within a range, right? It's been that way, and that's been the way that it's always worked for the last several years. It goes way up, trades sideways, choppy within a range, butts up against resistance, falls through it, comes back, chops. It freaks everyone out because of the sawtooth nature. But if you put that picture on the wall and go to the back of the room, you'll see a straight line. You won't notice the maddening volatility, and then it goes up again and catches everyone by surprise and then chops, corrects, then chops, chops, chops, chops. But it's higher highs and higher lows. Look, I mean, silver was 35 bucks an ounce last year, Adam, and here we are at 75 I mean, that's wildly bullish, right? And in the same thing, I mean, look, this to me is a classic bull market sign. And when you talk about early in a major move, first of all, you get the older holders who sell into strength, and they're relieved to finally take profits. They can't handle the volatility. They have the same tenor or belief structure that you just mentioned, and they're getting disillusioned. But if the price keeps steady and even rising, if you go back and look at it from a longer perspective, it is rising and with great volatility, not the way that we would all like, but it tells you that demand is far deeper than the visible retail market.