Plus Uber Rides to New Highs
Silver is closing strong at the end of the market. It has tested $37.50 three times now, and as I write this, it is trading at $37.53.
That’s a good-looking chart. The follow-through should take us above $40 with the true test at the all-time highs of $49.45 an ounce set back in 1980. That would be $220 an ounce in today's dollars.
A few months ago I highlighted the multidecade cup and handle formation that would put the price of silver at $86 an ounce.
This formation, observed on silver’s long-term price charts, is a bullish technical formation that signals a potential price surge after a period of consolidation. For silver, this pattern has been forming over an extraordinary 45-year period, making it one of the largest and most significant in market history. The “cup” represents a prolonged period of price decline and recovery, resembling a U-shape, while the “handle” is a shorter consolidation phase near the highs, indicating accumulation before a breakout.
Silver’s chart shows this pattern clearly, with the cup forming from its 1980 peak of nearly $50 to a recovery in recent years, followed by a handle consolidating around $30-$36 since 2024.
Silver’s breakout above $32.70 in October 2024 is a critical confirmation of this pattern. Silver is now on a trajectory to test its all-time highs, with further upside potential.
The pattern’s unusual duration enhances its reliability, as longer formations often precede stronger moves. Some silver bugs predict silver could reach triple digits, but a measured target based on the cup and handle’s depth projects a price of $86 per ounce.
This target is calculated by adding the cup’s depth (approximately $50 from the 1980 high to the 2016 low) to the breakout point near $36, aligning with historical precedents from the 1972 silver bull market.
Don’t get me wrong, it could go higher, but I will sell half of my position above $80 an ounce.
Several fundamental factors bolster this bullish outlook. Rising industrial demand, particularly from China for high-tech and green energy applications, coupled with supply constraints, is tightening the silver market.
The gold-to-silver ratio, currently around 89, indicates silver is undervalued relative to gold, historically a precursor to significant silver rallies. If this ratio normalizes to its historical average of 50-70, silver could easily reach $86 or beyond, especially if gold continues its bull run above $3,400 per ounce.
Uber Up
Meanwhile, Uber Technologies is riding a different kind of wave, hitting an all-time high of $94.38 on June 26, 2025, and trading at $96.64 as of July 10, 2025. This surge is fueled by optimism surrounding Uber’s Q2 2025 earnings, expected on August 6, driven by strong rideshare demand and operational efficiencies.
A new U.S. law exempting driver tips from taxes, potentially saving drivers nearly $1 billion, further boosts sentiment by enhancing driver income and platform appeal. Uber’s stock chart shows a multi-year bullish setup, with a consolidation phase between $60-$80 acting as strong support, confirming a breakout to new highs.
Uber’s momentum should continue, supported by its diversified platform, including ridesharing and Uber Eats, and a market cap of $202.09 billion. The stock is up 55.39% year-to-date. Unlike silver, Uber’s rally is driven by corporate performance and policy tailwinds, but both assets highlight the market’s appetite for growth in uncertain times.
I own both silver, silver miners and Uber. I like Uber because the robotaxi revolution is just getting started and they will be a big player. That said, here are three stocks in the sector that I like even better.
All the best,
Christian DeHaemer
