Just had a look at some figures on the matter,
Silver has an approximately 0.1 ppm occurrence in the Earth.
Gold has an approximately 0.004 ppm occurrence in the Earth.
Therefore below ground silver is 25 times more prevalent. This being the case in terms of overall rarity the price of silver should be 1400/25 = $ 56 an ounce currently. Add in its industrial applications and the price is probably higher.
