With the Saudis releasing much more oil and with the economy getting worse, and with the global economic slowdown in progress, nothing could sustainably move/keep oil prices above $100 right now. Oil prices are likely heading back to the $70's (and lower for a while) and that will make silver dip to the $teens as most commodities will fall with oil.
It will likely look something like this:
Oil $100 - $105 = Silver $35 - $39
Oil $95 - $99 = Silver $31 - $37
Oil $90 - $94 = Silver $27 - $33
Oil $85 - $89 = Silver $24 - $30
Oil $80 - $84 = Silver $21 - $26
Oil $75 - $79 = Silver $18 - $23
Oil $70 - $74 = Silver $16 - $21
Oil $65 - $69 = Silver $14 - $19
Oil $60 - $65 = Silver $12 - $16
Oil $55 - $59 = Silver $11 - $14
Oil $50 - $55 = Silver $10 - $13
Oil $40 - $50 = Silver $9 - $12
Oil $30 - $40 = Silver $8 - $10
I'm not bashing silver. I love silver (have done so for over 40 years). I'm just trying to be smart about it. It's smart to buy silver on the BIG dips, the coming BIG dip will take us to the low $20's and $teens. I don't think oil will go lower than $55 and I don't think silver will go much lower than $12-$14.
It could look something like this forward looking view of silver (long term bullish even though we've got more huge crashes coming soon)
With the Saudis releasing much more oil and with the economy getting worse, and with the global economic slowdown in progress, nothing could sustainably move/keep oil prices above $100 right now.
Silver is running out of steam.... You only get so many attempts to break through the $35.xx ceiling and then you're going to run out of steam and head much lower