Nicknamed “poor man’s gold”, silver carries a stubborn belief: it will always end up catching gold. Yet the gold/silver ratio has no fixed anchor — it has swung from 16 to over 120 in forty years — and the catch-up…
Holding physical silver, a metal-backed ETF, or shares in mining companies is not the same exposure. Each vehicle links the holder to the silver price through a different mechanism, with its own risks. TL;DR Physical silver, a backed ETF and…
Silver is torn between two identities: a monetary metal, gold’s sibling, and an industrial commodity, copper’s cousin. This duality is why it behaves sometimes as a haven, sometimes as a cyclical asset — depending on the macro regime. TL;DR Silver…
Electrical and electronics is silver’s largest industrial outlet, ahead of solar: 465.6 million ounces in 2024. The electric car, which holds about twice as much silver as a combustion model, is becoming its most dynamic driver. TL;DR Electronics is silver's…
Silver is rarely mined for its own sake: close to three-quarters of the metal comes out of the ground as a by-product of lead, zinc, copper and gold. That dependence makes supply strikingly deaf to silver’s own price. TL;DR Silver…
Every solar panel holds around twenty grams of silver, laid down as a conductive paste. Multiplied by the hundreds of gigawatts installed each year, that thread of metal has made photovoltaics one of silver’s leading industrial outlets — yet a…
Silver demand splits across three worlds with opposing logics: an industry that consumes and dissipates it, investors who hoard it, and traditional uses in slow retreat. In 2024, industry absorbed close to 60% of the total. TL;DR Because most silver…
Close to 59% of silver demand was industrial in 2024, against roughly 7% for gold — the gold/silver ratio now sums two assets of different nature. Sources: Silver Institute, World Silver Survey 2025; World Gold Council, Gold Demand Trends FY2024.…
A protection set for the regime that has just ended becomes a risk when inflation shifts: yesterday’s hedge loses its engine, and the cost of mistiming the regime often exceeds the cost of picking the wrong asset. TL;DR Inflation-linked bonds…
The 1970s and the 2021-2022 episode show high inflation almost twinned by level, but opposite winners: gold, cash and property switched sides, because the path of real rates was reversed. TL;DR Gold rose from $35 to near $850 across the…
