AGE Gold Commentary

Greetings!

Silver is now completing the formation of an inverse head-and-shoulders pattern on the one-year silver chart. The last time this pattern occurred, in October 2024, the silver price jumped over 8% in one week!

When we saw this pattern then, we alerted you with a video titled, "Silver Ready to Run." Here we are again with another breakout alert. The question now is whether the new "reciprocal" tariffs, planned to begin on April 2, will be the catalyst that propels silver into a breakout. We think this scenario is highly likely.

The fundamentals for silver could not be better. It is entering into its fifth year of a structural supply deficit, wherein the world consumes more silver than the mines produce. The missing factor preventing this deficit from exploding has been US investment demand for physical silver, which has lagged gold for several months.

But now, silver demand is clearly at a tipping point, and new tariffs could well be the final straw that drives silver into sustained and aggressive price gains. It's common for silver to lag when gold has a major rally, as it has in 2025. But we think this lag is about to end.

Gold has already broken $3,000 per ounce and is holding those gains. The gold-to-silver ratio remains above 90:1, which means silver is undervalued relative to gold. In the current environment, we believe it's only a matter of time�and not much time�until silver plays catch-up to gold with a vengeance.

So please join me for this new edition of AGE Gold Commentary as I explain why silver, with little downside risk and strong upside potential, looks like an excellent value in the current bull market.

You can also view this video on the AGE YouTube channel, which includes a transcript.

Sincerely,

Dana Samuelson
President