Silver Selloff Tests $500 Target: Why Shorts Had "Better Cover" | Michael Oliver

Michael Oliver stays bullish on silver despite a recent 7% selloff, arguing the move may be the final shakeout before a much larger repricing. He reiterated his long-term upside targets of $300 to $500/oz, saying silver spent roughly 50 years “caught in a box” and is now breaking into a new price regime. The catalyst for the pullback was hotter U.S. jobs data and the resulting shift in Fed rate expectations, which pressured precious metals broadly. Even so, Oliver’s structural momentum framework remains constructive, with his call centered on a long-term breakout rather than short-term volatility. For traders, the key question is whether the recent washout clears leveraged longs and forces shorts to cover, setting up a sharper move higher if macro data turn softer again. Near-term risk remains tied to U.S. rates and dollar strength, but the interview argues the bigger medium-term setup is still in favor of silver bulls.