Silver hit an all-time nominal high of $121.67 on January 29, 2026. Then, in the next few days, it crashed roughly 47% to $63.99. One of the most violent reversals in the metal’s modern history.
We called the move up. We warned before the crash. And we’ve got the receipts — dated, published, and on the record.
This isn’t a story about being right. It’s a story about reading the market as it evolves — and adjusting when the evidence changes. See the chart below – all the calls documented.
The Track Record Started Before Zulfiqar Research
The public calls on silver go back to 2022, published at Lombardi Letter. Silver was trading at ~$18.90. The argument was simple: the gold-to-silver ratio was above 80, silver was severely undervalued, supply deficits were building, and industrial demand from solar and electrification was only going one direction.
Silver remains undervalued and extremely overlooked. Suppressed silver prices over an extended period of time will only make silver a better opportunity. The next few years could be stellar.
That was 2022. From that published call to the January 2026 all-time high of $121.67, silver returned over 540%. Nobody was talking about silver then. That’s usually when the best trades are set up.
July 2025: The Zulfiqar Research Era Begins
When Zulfiqar Research launched its daily posts in July 2025, silver was trading around $38. The July 14th post was direct:
“Silver: getting closer to $40. If you look at charts and nothing else, there’s a breakout at play.”
Over the following months, the calls kept coming. August 19: “Silver continues to show resilience. Don’t ignore it.” Gold-to-silver ratio had silver in the undervalued region. September 22: Silver hit $44.31 — a 13-year high — and the post flagged it as still going. October 9: Silver broke $50 for the first time since 2011. The post said: “No one’s even talking about silver. I don’t think this move is done yet.”
It wasn’t done. Silver kept climbing through November and December, breaking records almost weekly. By December 29, it had hit $83.62 — its 2025 high — up over 188% from where it started the year.
The Turn: When the Warnings Started
This is where the story gets important. As silver ran higher and higher, the posts started changing tone.
December 1, 2025 — Silver up 98% year-to-date:
“I’m starting to feel like we’re entering the late stage of the cycle. The craziest moves usually happen near the end.”
January 8, 2026 — Silver at $77:
“ATR is now ~5%. Too much noise. Allocate wisely.”
January 16, 2026 — Silver at $90:
“Silver is getting crowded. New buyers who’ve never looked at silver are now jumping in. Sometimes you’re buying more risk than reward.”
January 23, 2026 — Silver approaching $100:
“Silver is starting to look frothy. Bubble-like behavior is creeping in. Stops matter now more than ever. Just don’t get run over.”
That was January 23. Six days later, silver hit its all-time high of $121.67. Then it crashed 47% over the few days, bottoming at $63.99 on February 6.
↑ Click any marker to read the original published post
What’s the Lesson?
Silver rewarded patient investors who were watching the right things — supply deficits, gold-to-silver ratio, industrial demand, and sentiment. Those same signals eventually told you when it was time to be careful.
The metal isn’t dead. As of April 2, 2026, silver is trading at $73.02 — still up 91% from our first Zulfiqar Research call. The structural story hasn’t changed. What changed is the speculative froth. That’s always temporary.
But the most important number isn’t the return. It’s the warnings that came over this wild ride. That’s what separates research from noise.
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