IT shouldn't be 25%, but there is a fixed dollar cost to making...

IT shouldn't be 25%, but there is a fixed dollar cost to making physical products that is roughly the same whether silver/gold so the percentage is always going to be bigger for silver if it is valued less than gold. For 1000oz bars it was negligible up until last year where you are often paying 5% over spot even for 1000oz. There is a shortage of new 1000oz as most of it is being used nearly immediately which is why you are seeing COMEX and Asian stocks drawn down.

For 5 years LBMA silver storage has not increased, it is now below August 2017 levels. And LBMA are notoriously oversold when it comes to silver and have much less than they claim IMO. Silver mining production peaked in 2016 whilst silver demand has obviously increased. Not good if you need silver in your industrial products. And then we had the silver squeeze in 2021 which has sent retail demand for silver through the roof, with many coin shops being completely empty now.

Also war is very good at destroying silver as apparently there is 500 silver ounces in every cruise missile let alone the other missiles. So Russia and Ukraine are obviously on the silver squeeze train doing their best to get consume as many ounces of silver which will be forever lost