Silver's correction may have already put in its low, according to recently published research arguing the setup is firmly bullish on both a cyclical and multi-year view.
The bullish case rests on a close parallel to the 2004 silver correction: a sharp parabolic run followed by a 35–37% pullback that bottomed just above key support — this time near $60. Analysts also point to open interest at its lowest level since 2011, a "sold out" condition that historically marks the floor because few sellers are left to pressure prices.
On the longer horizon, one camp of researchers argues the 2023 trend change kicked off a fresh multi-year bull market, where sharp early-cycle pullbacks typically give way to a sustained grind to new highs. They flag a reclaim of $80 over the summer as a potential catalyst, while acknowledging some near-term range-trading risk.
The secular thesis carries an added wrinkle: published views suggest silver should eventually outperform gold once the broader macro backdrop turns favorable for commodities.