Silver has already endured one of its toughest corrections of the year, but David Morgan believes the bigger story may still be ahead. His latest outlook points toward a possible silver price of $150 within the next couple of years, although the price target may not be the most interesting part of his argument.
Morgan also raised a question that could have major consequences for physical silver demand. Could the US government eventually rebuild a strategic silver stockpile?
International Stacker drew attention to Morgan’s comments after his latest appearance on the SilverTrade YouTube channel. The possibility remains hypothetical, and Morgan made that distinction clear. However, the numbers involved show why any government buying program could become important very quickly.
Silver reached about $121 during the January advance before falling roughly 55% to around $55, based on figures discussed during the SilverTrade interview. Gold also corrected from around $5,600 to roughly $3,900.
Silver has since recovered from its low and traded as high as roughly $67. Gold also moved back toward $4,500 after its own correction.
Morgan told SilverTrade host Dr. John Lindau that he does not believe the broader precious metals bull market has ended. He had previously expected silver to need time after the rapid January advance, and the months that followed delivered that cooling period.
Morgan still believes silver could reach $150 within a couple of years or potentially sooner.
That target would represent a major move from current silver price levels, although Morgan’s argument reaches beyond chart patterns alone. Industrial consumption, monetary demand, investment flows, and the possibility of government purchases all form parts of his outlook.
🚨Is the US About to Start STOCKPILING SILVER Again?! David Morgan Drops a Bombshell!👀
— International Stacker (@IntlStacker) August 20, 2026
👉The “Silver Guru” David Morgan just returned to @silvertrade Insider after silver’s brutal correction — He still believes the bull market ISN’T OVER:
🔥Silver plunged ~55% from its January…
What you'll learn 👉
A Possible US Silver Stockpile Could Create Another Source of Physical Demand
Morgan shared one detail from a Montana Mining Association gathering that could become important if the idea develops further.
He said one presenter at the event had what Morgan described as a direct line to the US government regarding silver. Morgan asked whether the country might need to rebuild a strategic stockpile now that silver is treated as an important strategic resource.
The presenter responded that it was an excellent question.
That response does not confirm that the US government plans to buy silver, and Morgan specifically avoided making that claim. His point concerned what could happen if policymakers eventually decide that strategic status should come with physical reserves.
Historical numbers make that possibility especially interesting.
Morgan said the United States previously held about 139 million ounces of silver in its strategic stockpile before that metal was eventually directed toward the Silver Eagle program. He added that the country’s silver stockpile had exceeded 1 billion ounces at one stage historically.
Morgan then offered a simple hypothetical example. Suppose the United States decided to accumulate 100 million ounces over roughly 1 year.
Such purchases would introduce a large new source of physical silver demand into a market that already faces substantial industrial consumption.
International Stacker focused heavily on this possibility when discussing Morgan’s interview. The account noted that few silver market forecasts currently include potential US strategic stockpiling as a demand factor.
Morgan Believes Investment Demand Could Become the Bigger Silver Price Catalyst
Government purchases were only one part of Morgan’s case.
Morgan told SilverTrade that the biggest potential shock for silver may come from investment demand rather than solar consumption.
Industrial uses already create a persistent source of silver demand. Investment flows can behave very differently because capital can enter the market much faster.
Morgan pointed to January as an example. Silver gained about 70% during a single month as investment interest accelerated.
His broader argument centers on the relatively small size of the investable silver market. Morgan cited research indicating that silver once represented only about 0.02% of financial assets.
He also compared silver’s annual supply with the amount of capital held in money market funds. Morgan estimated that approximately 1% of that pool could represent more than $65 billion, an amount comparable to roughly 1 year of silver supply from mining and recycling combined.
That comparison helps explain why Morgan believes investment flows deserve close attention.
Even a small percentage of global capital moving toward silver could create substantial pressure on available investment supply.
Silver ETFs Could Become Important During Another Major Investment Rush
Silver ETFs could play a major role if investment demand accelerates again.
Dr. Lindau referenced heavy demand for a major Chinese silver fund during the January advance, including periods when its market price traded at an unusually large premium to net asset value.
Morgan believes similar pressure could eventually appear elsewhere.
Large institutions, pension funds, family offices, asset managers, and other investors may not always be able to obtain enough physical metal easily if demand becomes extreme. ETFs provide another route for allocating large amounts of capital toward silver exposure.
Morgan argued that physical availability could become especially important during a future period of intense investment demand. Existing holders may become less willing to sell their metal as concerns about currencies, debt, and inflation increase.
The basic demand picture Morgan presented can be summarized this way:
- Industrial consumption creates a continuing base for silver demand.
- Investment demand can increase much faster than industrial use.
- A US strategic stockpile could introduce another major physical buyer.
- ETF flows could absorb substantial capital if institutional interest grows.
- Limited investable silver supply could magnify the effect of new demand.
Silver Price Could Reach $150 If Morgan’s Bull Market View Proves Correct
Morgan’s $150 silver price target also connects with the longer market cycle.
Silver broke above a major multi decade technical structure during 2025 before eventually climbing beyond $100. The January move then produced the type of rapid advance that often appears near important silver market peaks.
Morgan accepts that interpretation as a possibility, but he does not believe the available evidence confirms that the final top has arrived.
His reasoning partly centers on investor behaviour.
Morgan believes the later stages of a precious metals bull market should feature much broader public participation. Investors who previously ignored silver could eventually begin buying mainly because the silver price continues rising.
Morgan said that type of widespread public chase has not appeared at the level he would expect near a final market top.
His concern would increase once silver ownership becomes driven heavily by price excitement among people with little previous interest in monetary metals.
Morgan also repeated one of his longstanding observations. He believes roughly 90% of a major silver move can occur during the final 10% of the cycle.
January may therefore have provided a preview of how aggressive another silver price move could become rather than marking the definitive end of the cycle.
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Silver Price Outlook Now Depends on Whether New Demand Actually Appears
Morgan’s argument leaves investors with several important developments to watch.
Silver has already moved from around $121 to nearly $55 and then recovered toward the mid $60 region. Morgan believes $150 remains possible within a couple of years or sooner, although his forecast depends on demand continuing to strengthen.
The proposed US silver stockpile remains only a hypothetical scenario. No government buying program was confirmed during the SilverTrade interview.
That distinction matters.
However, a 100 million ounce government purchase would represent a meaningful amount of physical demand if such a policy ever materialized. Stronger investment demand could place even more pressure on a market that Morgan describes as unusually small compared with global financial wealth.
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