Peter Brandt Says Silver Could Be Setting Up For Next Leg Of Rally – HL, PAAS, AG Stocks Pop Pre-Market

• Spot silver (XAG/USD) is tracking its best week since the final week of February.
• Gold on the brink of the most important breakout since the present bull run started in October 2023, an analyst said.
• SLV, GLD ETFs rise in pre-market, though retail sentiment remains ‘bearish.’

Veteran trader Peter Brandt signaled that silver may be gearing up for another powerful rally after spot prices surged past $80 per ounce for the first time since April 21, reigniting bullish momentum across the precious metals market.

“Is Silver getting ready for the next leg upwards????? This is possible,” Brandt said in a post on X.

Silver has been on an upward march since last week, heading for a third consecutive day of gains and a sixth advance in the past seven sessions.

At the time of writing, spot silver (XAG/USD) was up 4% to $80.4 an ounce, while silver futures for July 2026 deliveries climbed nearly 5% to $81 per ounce.

Spot silver is tracking its best week since the final week of February.

GLD Is Glittering Again

Gold has also been trending upwards lately, with spot prices (XAU/USD) rising 5% over the past three sessions.

Spot gold was up nearly 1% at $4,734 an ounce, while contracts ending in July 2026 traded 1.1% higher at $4,764.5.

In a post on X, Rashad Hajiyev, founder at RM Capital and a former CFO of The International Bank of Azerbaijan, said, “Gold is on the brink of the most important breakout since the present bull run started in October 2023.”

Everything To Do With Oil

“It's all to do with oil prices, which ⁠when they go down, tend to push up bond prices, which depresses yields because ​investors are now reducing expectations of rate hikes from central banks, and that in turn ​is supporting assets like gold and silver,” Fawad Razaqzada, market analyst at City Index, told Reuters on Thursday.

Brent crude was down 2.5% and trading below $100 per barrel, as reports emerged that the U.S. and Iran are inching towards a temporary deal to stop the fighting, though key issues around Iran’s nuclear program and the Strait of Hormuz remain unresolved.

Sentiment Around SLV, GLD Remain Bearish

The iShares Silver Trust (SLV) spiked nearly 4%, though retail sentiment on Stocktwits remained in the ‘bearish’ zone over the past three months. SPDR Gold Shares ETF edged 0.8% higher, but retail sentiment mirrored that of SLV.

Shares of silver miners Pan American Silver Corp. (PAAS), Hecla Mining (HL), and First Majestic (AG) jumped more than 11% each in pre-market trading, while shares of gold miners Newmont Corp. (NEM) and Barrick Gold (B) climbed around 2%.

Read also: AGL Stock's On Track To Hit 9-Month Highs – Here’s Why Analysts And Retail Are Betting On Strong Upside

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