silver is not abundant - which is why mined grades of silver...

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