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Posted 12/10/2025 10:24 am
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I think it is more important now than ever before. Most silver is found close to the surface. There are very few silver only mines now, most of the silver comes from copper, zinc, lead mines as a by product. The current GSR coming out of the ground according to First Majestic Mining is 7:1. There has been a deficit of supply over consumption for the last 5 years. Paper derivatives have been used to hide this fact by keeping silver prices artificially low. We are now starting to see the results.
I think it is more important now than ever before. Most silver is found close to the surface. There are very few silver only mines now, most of the silver comes from copper, zinc, lead mines as a by product. The current GSR coming out of the ground according to First Majestic Mining is 7:1. There has been a deficit of supply over consumption for the last 5 years. Paper derivatives have been used to hide this fact by keeping silver prices artificially low. We are now starting to see the results.
Don't get me wrong, I am a silver bull as well. Both gold and silver have been held down for years. I also agree that there is not as much silver coming out of the ground - but there is hundreds of tons in private hands that can fulfil industrial use in the short term. I just suggest that a ratio that was created 200 years ago may not be valuable today. Both will win brother!
Kip Herriage, Managing Partner, Founder of Vertical Research Advisory, LLC (in business 35 years), says true price discovery has just begun. He suggests that gold should have been $4300 a decade ago. His firm's price target is $15K, suggesting that it could be low. If the investing world just doubles their position size in gold (it's 1.5% as of end of Oct), gold trades to $9K. I could not find his silver price target.
The world is waking up to the fact that government spending around the world is unsustainable.
