silver is not abundant - which is why mined grades of silver have collapsed in past 20 years
used to be no one went primary silver mining without +500g/t resource - now it's +150g/t
the price difference is a dynamic not a constant
the big depresser of silver as a structural price support was when traditional photography was displaced at same time as monetary demand for PMs evaporated in the 1990s
now electrification + monetary demand has made the reverse of that
but the key to silver price is always its role as poor man;s gold. gold hasd to be in a bull for silver to close the gap
but at a geological level silver is roughly 20:1 more common than gold
you are absolutely right about byproduct supply though.
but you dont want silver unless money demand is high - and when it is industrial demand isnt relevant to price
industrial silver demand is 95% price inelastic - because its usage is very small as a cost input per unit - or its irreplaceable, mainly in applications requiring optimal conductivity
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