The silver price slightly crashed this week, as it lost 7.23 percent in just 4 trading days (COMEX trading was closed on Tuesday). We received many emails from concerned readers, and the common question was how deep the price of silver would still fall. 

Before looking into the details, we want to reiterate that silver is perfectly on track to meet our silver price forecast for 2017. Almost one year ago we were on record predicting that silver prices would fall in 2017, and presumably bottom in the second half of this year. We also appeared on MarketWatch in April calling for the silver price top of this year.

Marketwatch interviewed us, and what follows are two important quoted from the article:

But going forward, Tsaklanos said he believes that “it is more likely that the precious side of silver will become the more dominant trend, and that is pointing down.”

And, in closing the article, Marketwatch added:

For this year, silver price forecast for 2017 their 2016 lows. Silver futures prices traded at just under $14 an ounce early last year.

At the time of writing, silver prices were going up, and some people laughed at us. They did not understand how we could be bearish as prices were going up. See, now that is exactly what the majority of investors do: they focus on the short term as opposed to looking into trend and patterns on price charts. The art of the chart is about identifying what prices are likely to do next, even if that goes against short term trends or against the crowd or against sentiment. In that respect, an interesting case is the following quote from our silver price forecast article written last year October:

Our analysis revealed a red flag for silver when the grey metal hit this triple resistance point which is visible on its long term chart. Let’s be honest: a triple resistance point is not a coincidence, and it should be taken very seriously.