$40 silver was breached in the early trading hours this morning. Next stop is the all time record high of $50 set back in 1980 when the Hunt Brothers cornered the silver market.
$50 will mark the point of phase 2 for the silver market, the optimism phase, when the first of the public will begin to enter. Phase 3 will be the mania phase when the US is closer to a complete run in the market on our government debt, (just like Greece, Ireland, and now Portugal) with only the Federal Reserve remaining as a buyer.
Where will the final dollar value of silver top out? It is impossible to say, with only a few hundred million ounces on the market available to purchase, and trillions of paper currency being printed around the world every year, the game of musical chairs will be very interesting. As always, prepare for massive pull backs along the way.