Anyone who thought the silver bull-run ended with the metal's recent price slip should think again, because there's a silver price rebound about to take off.
Silver prices dipped more than 20% in May after testing $50 an ounce, but Washington's lack of progress on the debt ceiling debate has rattled investors, sending them once again to the safe havens of gold and silver.
Silver futures for September delivery closed yesterday (Tuesday) at $40.361 an ounce on the Comex division of the New York Mercantile Exchange (NYMEX).
"Silver is obviously on the move," said Money Morning Chief Investment Strategist Keith Fitz-Gerald. "Thanks to continued fiscal follies, it has come screaming out of the proverbial hole it dug for itself a few weeks ago. In fact, barring some sort of massive financial reckoning in Washington, I have absolutely no doubt in my mind that silver will hit $60 an ounce in the near future."
But interested investors can't hesitate if they want make the most of the silver price rebound, as the metal has started climbing back toward its record high of $50 an ounce.
"If [silver] is something that interests you, don't dilly-dally...you may be running out of time," said Fitz-Gerald.
Silver's safe-haven investment appeal hasn't just attracted investors, but also foreign economies that are losing faith in the U.S. dollar and are now trying to diversify from the greenback.
"Don't forget, it's not just our debt that matters, it's what other people think about our debt," Fitz-Gerald said last week during a guest appearance on FoxBusiness' "Varney & Co." program.