WEBVTT 00:00:00.000 --> 00:00:02.799 Welcome back to The Deep Dive. Today, we've got 00:00:02.799 --> 00:00:04.940 a really interesting stack of market research 00:00:04.940 --> 00:00:07.080 in front of us, all centered on the precious 00:00:07.080 --> 00:00:09.439 metal sector. And one metal in particular, right? 00:00:09.460 --> 00:00:11.800 We're talking about silver. We are talking about 00:00:11.800 --> 00:00:15.220 silver. And it's fascinating because it has this 00:00:15.220 --> 00:00:17.420 kind of dual identity. It's a precious metal, 00:00:17.640 --> 00:00:20.920 an asset, but it's also a critical industrial 00:00:20.920 --> 00:00:22.820 component. Well, that's the conflict, isn't it? 00:00:22.820 --> 00:00:25.079 It's one of the most vital industrial inputs 00:00:25.079 --> 00:00:27.660 on the planet. Exactly. So when you think of 00:00:27.660 --> 00:00:30.539 silver, I bet you probably think of these wild, 00:00:30.559 --> 00:00:34.359 massive price swings. You know, volatility that 00:00:34.359 --> 00:00:38.340 makes even gold look, well, look pretty tame. 00:00:38.539 --> 00:00:41.240 That's the common perception for sure. Our mission 00:00:41.240 --> 00:00:43.320 today is to really cut through that perception. 00:00:43.659 --> 00:00:45.280 We're going to use these sources to separate 00:00:45.280 --> 00:00:48.920 the myth of silver's instability from the reality 00:00:48.920 --> 00:00:51.289 of what's driving its price right now. And the 00:00:51.289 --> 00:00:53.189 main takeaway from all this research is pretty 00:00:53.189 --> 00:00:56.289 powerful. It suggests that idea of extreme volatility. 00:00:56.509 --> 00:00:59.850 It's mostly based on a couple of historical anomalies. 00:01:00.229 --> 00:01:02.929 If you look at the modern market, silver's price 00:01:02.929 --> 00:01:06.709 movements today are, well, they're mainly a reflection 00:01:06.709 --> 00:01:10.879 of real industrial demand and, you know, broader 00:01:10.879 --> 00:01:13.939 macroeconomic conditions. That is a huge reframing. 00:01:13.980 --> 00:01:16.359 Yeah. We're basically saying silver isn't defined 00:01:16.359 --> 00:01:18.900 by speculation anymore. It's defined by its actual 00:01:18.900 --> 00:01:20.700 utility. I think that's a perfect way to put 00:01:20.700 --> 00:01:23.540 it. So today we're going to unpack those two 00:01:23.540 --> 00:01:26.439 big historical events that created the volatility 00:01:26.439 --> 00:01:28.420 myth. Then we'll get into the industries that 00:01:28.420 --> 00:01:30.799 are consuming most of the silver today. And finally, 00:01:31.000 --> 00:01:33.140 we have to talk about the gold silver ratio. 00:01:33.379 --> 00:01:36.719 It's a key valuation metric. Let's do it. So 00:01:36.719 --> 00:01:39.200 let's start with busting that myth. Where does 00:01:39.200 --> 00:01:42.140 this idea that silver is just too volatile really 00:01:42.140 --> 00:01:45.340 come from? It really comes down to two extraordinary 00:01:45.340 --> 00:01:48.159 periods where speculation just completely took 00:01:48.159 --> 00:01:50.859 over and distorted the price. You have to understand 00:01:50.859 --> 00:01:52.700 them to, you know, kind of put them aside. OK, 00:01:52.780 --> 00:01:54.560 so the first one is the big one, the one everyone's 00:01:54.560 --> 00:01:57.739 heard of, the Hunt Brothers. We're talking 1979, 00:01:58.079 --> 00:02:00.980 1980. Yes, the Hunt Brothers saga. For anyone 00:02:00.980 --> 00:02:03.599 who might not know the details, just how big 00:02:03.599 --> 00:02:05.799 was this? What was the scale of what they were 00:02:05.799 --> 00:02:08.159 trying to do? Oh, it was. I mean, it was almost 00:02:08.159 --> 00:02:11.360 biblical in scale. The Hunt brothers, they genuinely 00:02:11.360 --> 00:02:13.460 believed that paper money was failing and that 00:02:13.460 --> 00:02:15.419 gold and silver were the only true stores of 00:02:15.419 --> 00:02:17.840 value. OK. So they decided to try and corner 00:02:17.840 --> 00:02:20.159 the entire global market for physical silver, 00:02:20.340 --> 00:02:22.900 not just a few contracts, the whole thing, using 00:02:22.900 --> 00:02:25.879 massive, massive leverage. The whole thing. So 00:02:25.879 --> 00:02:28.419 at their peak, how much did they actually control? 00:02:28.740 --> 00:02:31.569 Get this. At their peak, they effectively controlled 00:02:31.569 --> 00:02:34.289 an estimated two -thirds of the world's privately 00:02:34.289 --> 00:02:37.110 held physical silver. Two -thirds? That's... 00:02:36.960 --> 00:02:40.759 That's almost unbelievable. It is and this huge 00:02:40.759 --> 00:02:43.500 speculative push It just artificially drove the 00:02:43.500 --> 00:02:46.879 price from around $10 an ounce to nearly $50 00:02:46.879 --> 00:02:49.180 an ounce in just a few months It's just two months 00:02:49.180 --> 00:02:51.659 and that $50 peak had nothing to do with the 00:02:51.659 --> 00:02:53.500 real economy. You know, there wasn't a sudden 00:02:53.500 --> 00:02:57.379 explosion in demand for Electronics in 1980 is 00:02:57.379 --> 00:03:00.599 pure speculation purely and when all that leverage 00:03:00.599 --> 00:03:03.240 came crashing down on what they call silver Thursday 00:03:03.240 --> 00:03:07.870 in March 1980 the price just plummeted. That 00:03:07.870 --> 00:03:10.830 spike and that crash, it left a permanent scar 00:03:10.830 --> 00:03:13.189 in the market's memory. So that's anomaly number 00:03:13.189 --> 00:03:16.310 one. A completely artificial leveraged event. 00:03:16.490 --> 00:03:18.930 What about the second one? It happened much more 00:03:18.930 --> 00:03:21.729 recently. Right, that takes us to 2010 -2011. 00:03:22.129 --> 00:03:24.669 And the spike happened during the first big wave 00:03:24.669 --> 00:03:28.219 of quantitative easing. QE. The Fed was pumping 00:03:28.219 --> 00:03:30.460 huge amounts of liquidity into the system after 00:03:30.460 --> 00:03:33.319 the financial crisis. Exactly. And silver jumped 00:03:33.319 --> 00:03:36.439 dramatically again. So for our audience, why 00:03:36.439 --> 00:03:39.240 does an action like QE cause so much speculative 00:03:39.240 --> 00:03:41.990 interest in a metal like silver? It really comes 00:03:41.990 --> 00:03:44.550 down to fear. I mean, quantitative easing, this 00:03:44.550 --> 00:03:46.969 big expansion of the money supply, it brings 00:03:46.969 --> 00:03:50.469 up the fear of really high inflation, of currency 00:03:50.469 --> 00:03:52.129 debasement. People get worried their dollars 00:03:52.129 --> 00:03:54.750 will be worth less. Precisely. And when investors 00:03:54.750 --> 00:03:57.009 get scared about that, they rush into hard assets. 00:03:57.090 --> 00:03:59.750 They buy gold. They buy silver to protect their 00:03:59.750 --> 00:04:03.129 wealth. But again, that price jump in 2011 wasn't 00:04:03.129 --> 00:04:05.430 because factories suddenly needed more silver. 00:04:05.710 --> 00:04:08.490 It was driven by sentiment. So if we just mentally 00:04:08.490 --> 00:04:10.659 take those two events off the historical chart, 00:04:10.939 --> 00:04:13.280 the Hahn Brothers corner, and the QE fear spike. 00:04:13.860 --> 00:04:15.960 What does Silver's price behavior actually look 00:04:15.960 --> 00:04:19.259 like? It looks much, much steadier. It's really 00:04:19.259 --> 00:04:21.959 fascinating. When you remove those anomalies, 00:04:22.220 --> 00:04:26.060 silver's long term price action, it actually 00:04:26.060 --> 00:04:28.120 shows patterns that are pretty consistent with 00:04:28.120 --> 00:04:30.899 the broader market. It tracks economic cycles. 00:04:30.920 --> 00:04:32.680 This is why we have to focus on what's driving 00:04:32.680 --> 00:04:35.459 it today. And that means looking at industrial 00:04:35.459 --> 00:04:38.560 consumption overwhelmingly. So let's talk about 00:04:38.560 --> 00:04:41.819 that utility. What is the actual structural need 00:04:41.819 --> 00:04:44.500 for silver in the economy right now? OK, this 00:04:44.500 --> 00:04:46.660 is the most important number to remember from 00:04:46.660 --> 00:04:49.420 this whole deep dive. Brilliant. Current analysis 00:04:49.420 --> 00:04:51.660 shows that industrial demand now accounts for 00:04:51.660 --> 00:04:54.540 about 60 % of all global silver consumption. 00:04:54.879 --> 00:04:57.579 60%. That's not a small piece of the pie. That 00:04:57.579 --> 00:05:00.040 is the pie. It is the dominant factor. It's not 00:05:00.040 --> 00:05:02.319 a marginal use case anymore. Compare that to 00:05:02.319 --> 00:05:04.379 gold, where it's still mostly about jewelry and 00:05:04.379 --> 00:05:06.480 investment. So this huge industrial demand, it's 00:05:06.480 --> 00:05:08.639 because of silver's unique properties, right? 00:05:08.860 --> 00:05:11.040 Its conductivity is off the charts. Unparalleled 00:05:11.040 --> 00:05:14.199 conductivity, yes. And also its antimicrobial 00:05:14.199 --> 00:05:17.360 qualities. So what are the big engines consuming 00:05:17.360 --> 00:05:19.879 all this silver? Where is it all going? Well, 00:05:20.019 --> 00:05:22.779 the list is basically a roadmap for the 21st 00:05:22.779 --> 00:05:26.029 century economy. The number one driver, and it's 00:05:26.029 --> 00:05:28.550 growing exponentially, is renewable energy. You 00:05:28.550 --> 00:05:31.350 mean solar panels? Specifically solar panels. 00:05:31.850 --> 00:05:34.930 Silver powder is absolutely crucial for photovoltaic 00:05:34.930 --> 00:05:37.730 cells. Without it, they just can't conduct electricity 00:05:37.730 --> 00:05:39.910 efficiently. How much silver are we talking about 00:05:39.910 --> 00:05:42.490 per panel? It's about 20 grams per panel, which 00:05:42.490 --> 00:05:44.949 doesn't sound like a lot. But when you multiply 00:05:44.949 --> 00:05:48.509 that by the sheer global scale of solar installation, 00:05:49.160 --> 00:05:51.800 It's massive. So as the world keeps pushing towards 00:05:51.800 --> 00:05:54.040 net zero goals and this energy transition gets 00:05:54.040 --> 00:05:57.279 faster, silver demand is basically locked in. 00:05:57.339 --> 00:05:59.680 It has to grow. It's structurally locked in. 00:05:59.939 --> 00:06:01.819 Then you have electric vehicle manufacturing. 00:06:01.839 --> 00:06:04.079 Where is it in an EV? Electrical connections, 00:06:04.399 --> 00:06:06.620 battery management systems, even in the glass 00:06:06.620 --> 00:06:09.920 for defrosting. You also have 5G infrastructure, 00:06:10.180 --> 00:06:12.399 which needs higher conductivity. And then you 00:06:12.399 --> 00:06:14.790 have medical tech. data centers. So these aren't 00:06:14.790 --> 00:06:16.550 just, you know, passing trends. These are huge 00:06:16.550 --> 00:06:18.889 generational shifts in our infrastructure. Exactly. 00:06:19.029 --> 00:06:21.910 But all this demand runs into a really interesting 00:06:21.910 --> 00:06:25.490 supply problem. A bottleneck. That's right. And 00:06:25.490 --> 00:06:28.149 this is a key point from the World Silver Survey 00:06:28.149 --> 00:06:31.310 for 2025. It highlighted a major constraint. 00:06:31.550 --> 00:06:34.490 Silver is mostly mined as a byproduct. Okay, 00:06:34.490 --> 00:06:36.329 explain what that means in practical terms. If 00:06:36.329 --> 00:06:38.990 a huge new solar project needs, I don't know, 00:06:39.189 --> 00:06:41.610 a thousand tons of silver, why can't a mining 00:06:41.610 --> 00:06:44.189 company just go open a new silver mine? Because 00:06:44.189 --> 00:06:47.230 dedicated primary silver mines are actually quite 00:06:47.230 --> 00:06:50.910 rare, geologically speaking. Most silver is extracted 00:06:50.910 --> 00:06:54.029 alongside other metals like lead, zinc, and copper. 00:06:54.290 --> 00:06:56.370 It's the secondary thing they pull out of the 00:06:56.370 --> 00:06:58.529 ground. So the supply of silver isn't really 00:06:58.529 --> 00:07:01.279 driven by the demand for silver. Exactly. The 00:07:01.279 --> 00:07:04.139 supply is inelastic. If demand for solar panels 00:07:04.139 --> 00:07:06.759 suddenly doubles, the mining industry can't just 00:07:06.759 --> 00:07:09.040 decide to produce more silver. They have to wait 00:07:09.040 --> 00:07:11.560 for the demand and the price for zinc or lead 00:07:11.560 --> 00:07:14.160 to go up first. So if the global economy slows 00:07:14.160 --> 00:07:17.180 down and, say, zinc demand falls, silver production 00:07:17.180 --> 00:07:19.560 could actually fall with it. Even if EV and solar 00:07:19.560 --> 00:07:21.800 manufacturers are screaming for more silver, 00:07:22.079 --> 00:07:24.899 yes, it creates this natural supply squeeze whenever 00:07:24.899 --> 00:07:27.579 tech demand is high. That dual identity again. 00:07:27.759 --> 00:07:31.699 An indispensable modern metal whose supply is 00:07:31.699 --> 00:07:34.660 tied to these older industrial metals. It's a 00:07:34.660 --> 00:07:37.439 fascinating dynamic. It really limits how quickly 00:07:37.439 --> 00:07:40.279 the supply side can respond, which puts natural 00:07:40.279 --> 00:07:43.639 upward pressure on the price. So that 60 % industrial 00:07:43.639 --> 00:07:47.240 use provides a strong demand floor. But silver 00:07:47.240 --> 00:07:50.100 is still a precious asset. What drives the investment 00:07:50.100 --> 00:07:52.420 side of things? That brings us right back to 00:07:52.420 --> 00:07:55.079 the macro picture. The investment appeal is still 00:07:55.079 --> 00:07:58.319 heavily influenced by, well, economic uncertainty, 00:07:58.899 --> 00:08:02.160 geopolitical stress, and most importantly, monetary 00:08:02.160 --> 00:08:04.720 policy. The Federal Reserve. Central banks, but 00:08:04.720 --> 00:08:07.139 especially the Fed. And when we're talking about 00:08:07.139 --> 00:08:09.699 the Fed's impact. We really need to talk about 00:08:09.699 --> 00:08:11.680 real interest rates. Can you just quickly break 00:08:11.680 --> 00:08:14.279 that down for us? Sure. It's a simple but crucial 00:08:14.279 --> 00:08:17.600 concept. The real interest rate is just the nominal 00:08:17.600 --> 00:08:20.040 interest rate, the one the Fed sets, minus the 00:08:20.040 --> 00:08:21.980 current rate of inflation. So it's the real return 00:08:21.980 --> 00:08:24.360 you get on your cash. It's the real return. And 00:08:24.360 --> 00:08:26.699 the key thing is that precious metals like silver 00:08:26.699 --> 00:08:29.480 and gold are non -yielding assets. They don't 00:08:29.480 --> 00:08:31.519 pay you interest. Right. Your silver bar doesn't 00:08:31.519 --> 00:08:34.279 send you a dividend check. Exactly. So if real 00:08:34.279 --> 00:08:36.799 interest rates are high, if you can get a great 00:08:36.799 --> 00:08:39.779 safe return from a treasury bond, then holding 00:08:39.779 --> 00:08:42.179 a non -yielding asset like silver becomes less 00:08:42.179 --> 00:08:44.720 attractive, there's an opportunity cost. Which 00:08:44.720 --> 00:08:47.379 pushes the price down. It tends to. But when 00:08:47.379 --> 00:08:49.620 real interest rates fall or even go negative, 00:08:49.940 --> 00:08:53.399 that opportunity cost disappears. Suddenly, holding 00:08:53.399 --> 00:08:56.279 a hard asset that preserves value becomes much 00:08:56.279 --> 00:08:58.539 more attractive. And when these macro shifts 00:08:58.539 --> 00:09:01.190 happen, How does silver typically move compared 00:09:01.190 --> 00:09:03.769 to gold? It often shows correlated moves but 00:09:03.769 --> 00:09:05.850 they're usually more pronounced, more leveraged. 00:09:05.960 --> 00:09:08.419 Why is that? It's a smaller market, for one, 00:09:08.639 --> 00:09:11.059 and because of that dual identity we keep coming 00:09:11.059 --> 00:09:13.539 back to. It's part industrial, part monetary 00:09:13.539 --> 00:09:16.820 asset. So when gold moves up on falling rates, 00:09:17.000 --> 00:09:19.419 silver tends to move up further and faster. And 00:09:19.419 --> 00:09:21.120 we've definitely seen some of that this year 00:09:21.120 --> 00:09:23.620 in 2025. The sources point to some pretty big 00:09:23.620 --> 00:09:26.779 gains. We have. The rallies in 2025 have pushed 00:09:26.779 --> 00:09:29.279 prices to levels we haven't seen in over a decade. 00:09:29.419 --> 00:09:31.100 I think the year to date increase was something 00:09:31.100 --> 00:09:34.259 like 45 percent. And that momentum is really 00:09:34.259 --> 00:09:37.340 supported by. data. We're seeing inflation fears 00:09:37.340 --> 00:09:40.360 recede a bit and the market is pricing in fewer 00:09:40.360 --> 00:09:42.860 Fed rate hikes. That's effectively lowering the 00:09:42.860 --> 00:09:45.700 expectation for real interest rates. So the macro 00:09:45.700 --> 00:09:48.620 tailwinds are there sitting on top of that rock 00:09:48.620 --> 00:09:51.419 -solid industrial demand floor. That's the picture. 00:09:51.639 --> 00:09:54.200 This all leads us perfectly into a really critical 00:09:54.200 --> 00:09:56.740 valuation tool that analysts use all the time. 00:09:56.990 --> 00:10:00.090 the gold -silver ratio. Let's really unpack this. 00:10:00.470 --> 00:10:02.870 Absolutely. It's a simple idea, but it's a very 00:10:02.870 --> 00:10:05.610 profound metric. So what is it? It's just a measure 00:10:05.610 --> 00:10:07.509 of how many ounces of silver it takes to buy 00:10:07.509 --> 00:10:09.389 one single ounce of gold. It gives you a sense 00:10:09.389 --> 00:10:12.029 of relative value. And where is that ratio sitting 00:10:12.029 --> 00:10:14.909 right now in 2025? Today, it's floating around 00:10:14.909 --> 00:10:19.889 80 to 86. So you need about 80 to 86 ounces of 00:10:19.889 --> 00:10:22.250 silver to buy one ounce of gold. OK, 80 to 1. 00:10:22.389 --> 00:10:24.409 Is that high or low? What's the context? It's 00:10:24.409 --> 00:10:27.190 very high, historically speaking. term historical 00:10:27.190 --> 00:10:29.889 average, going back centuries, is much lower, 00:10:30.149 --> 00:10:32.669 typically somewhere between 50 and 60 to 1. So 00:10:32.669 --> 00:10:35.049 why is that historical average so important? 00:10:35.230 --> 00:10:37.230 Does the ratio always try to get back to that 00:10:37.230 --> 00:10:40.210 50 or 60 mark? It's a powerful tendency. It's 00:10:40.210 --> 00:10:43.129 a classic case of mean reversion. When the ratio 00:10:43.129 --> 00:10:45.730 gets stretched really wide, like it is now, it's 00:10:45.730 --> 00:10:47.830 often a signal that one metal is getting ahead 00:10:47.830 --> 00:10:50.590 of the other, or one is lagging. And historically, 00:10:51.210 --> 00:10:53.070 the relationship between the two just sort of 00:10:53.070 --> 00:10:55.710 pulls it back toward that average. It acts like 00:10:55.710 --> 00:10:58.190 a magnet, yeah. So an elevated ratio of 80 to 00:10:58.190 --> 00:11:02.470 1 suggests that silver is basically undervalued 00:11:02.470 --> 00:11:05.710 relative to gold. That is precisely the implication. 00:11:06.529 --> 00:11:09.029 Historically, when we see the ratio this high, 00:11:09.129 --> 00:11:11.830 it has often preceded these big catch up rallies 00:11:11.830 --> 00:11:14.570 for silver, where it gains ground really fast 00:11:14.570 --> 00:11:17.629 against gold and the ratio tightens. But analysts 00:11:17.629 --> 00:11:19.669 don't just look at this number in a vacuum, right? 00:11:19.710 --> 00:11:22.409 How does it connect back to that industrial demand 00:11:22.409 --> 00:11:24.149 story? Well, that's what makes it so compelling 00:11:24.149 --> 00:11:26.190 right now. The fact that the ratio is so high, 00:11:26.250 --> 00:11:29.289 80 to one, in spite of the intense structural 00:11:29.289 --> 00:11:32.110 and growing industrial demand for silver, it 00:11:32.110 --> 00:11:34.590 just underscores the potential undervaluation. 00:11:35.399 --> 00:11:38.299 the market still hasn't fully priced in the reality 00:11:38.299 --> 00:11:41.519 of these supply constraints and the demand from 00:11:41.519 --> 00:11:44.700 the green energy and tech transitions. The high 00:11:44.700 --> 00:11:47.440 ratio basically confirms the fundamental story. 00:11:48.000 --> 00:11:50.279 Okay, we have to keep a balanced view here. The 00:11:50.279 --> 00:11:52.580 fundamental drivers seem really strong, but what 00:11:52.580 --> 00:11:55.279 are the short -term risks? What could still create 00:11:55.279 --> 00:11:58.129 instability? You always have to monitor the external 00:11:58.129 --> 00:12:00.610 factors. I mean, an unexpected move from the 00:12:00.610 --> 00:12:03.090 Federal Reserve on rates could still shock the 00:12:03.090 --> 00:12:05.429 market. Because it would instantly change that 00:12:05.429 --> 00:12:07.929 real interest rate calculation. Instantly. And 00:12:07.929 --> 00:12:11.029 currency fluctuations are still key. A much stronger 00:12:11.029 --> 00:12:13.350 U .S. dollar typically puts pressure on metals 00:12:13.350 --> 00:12:15.409 prices. And what about on the industrial side? 00:12:15.610 --> 00:12:18.190 Are there any risks to that 60 % demand figure? 00:12:18.360 --> 00:12:20.159 The big one, the one you always have to keep 00:12:20.159 --> 00:12:22.899 in the back of your mind, is technological substitution. 00:12:23.379 --> 00:12:25.620 Someone invent something better? Right. We have 00:12:25.620 --> 00:12:27.879 to watch for advancements in material science. 00:12:28.600 --> 00:12:31.559 If, for example, a cheaper, more abundant material 00:12:31.559 --> 00:12:33.799 was developed that could replace silver in solar 00:12:33.799 --> 00:12:36.299 cells with the same efficiency, that would be 00:12:36.299 --> 00:12:38.340 a game changer. Is there anything on the horizon? 00:12:38.730 --> 00:12:41.409 Right now, no. There's no viable substitute that 00:12:41.409 --> 00:12:43.970 can match Silver's performance, but you can never 00:12:43.970 --> 00:12:46.830 stop watching innovation. This has been an incredibly 00:12:46.830 --> 00:12:49.789 thorough deep dive. So let's bring it all home. 00:12:50.549 --> 00:12:52.570 What's the main takeaway for someone trying to 00:12:52.570 --> 00:12:55.710 get a clear picture of this commodity? I think 00:12:55.710 --> 00:12:58.950 the main takeaway is this. Silver today is a 00:12:58.950 --> 00:13:02.320 mature market. Its price is shaped by two very 00:13:02.320 --> 00:13:05.120 real anchors, fundamental industrial need on 00:13:05.120 --> 00:13:07.759 one side and a clear macroeconomic policy on 00:13:07.759 --> 00:13:10.740 the other. And the old story, the shadow of speculative 00:13:10.740 --> 00:13:13.019 madness from the Hunt Brothers. It's brief for 00:13:13.019 --> 00:13:15.159 headlines, but it really doesn't define how silver 00:13:15.159 --> 00:13:17.600 behaves today. So understanding that the volatility 00:13:17.600 --> 00:13:19.820 myth comes from a couple of historical outliers, 00:13:20.220 --> 00:13:22.779 while 60 % of today's demand comes from these 00:13:22.779 --> 00:13:25.460 essential growing high tech industries. That's 00:13:25.460 --> 00:13:27.940 the key. It forces you to stop thinking of silver 00:13:27.940 --> 00:13:31.139 as just this old archaic asset and start seeing 00:13:31.139 --> 00:13:33.919 it as a critical piece of our future infrastructure. 00:13:34.500 --> 00:13:36.759 And that leads us to our final provocative thought 00:13:36.759 --> 00:13:39.700 for you to think about. If 50 percent of silver's 00:13:39.700 --> 00:13:41.940 demand is structurally locked into the global 00:13:41.940 --> 00:13:44.980 energy transition, we're talking solar, EVs, 00:13:45.139 --> 00:13:48.620 5G, what does that ongoing non -negotiable need 00:13:48.620 --> 00:13:51.399 imply for silver's long term behavior compared 00:13:51.399 --> 00:13:54.669 to a purely monetary asset like gold? Its path 00:13:54.669 --> 00:13:57.049 forward might have less to do with fear and more 00:13:57.049 --> 00:13:59.850 to do with fundamental global growth. The utility 00:13:59.850 --> 00:14:02.169 is the anchor now. A lot to think about there. 00:14:02.289 --> 00:14:03.309 We'll see you on the next Deep Dive.