In Ted Butler's Archive


At year’s end, silver was more undervalued relative to gold than at any year in history. I’d hate to think about how much more undervalued silver could get if it weren’t already in a widely documented physical shortage, the first ever such shortage. The only explanation for the greatest price disparity in history is the suppression and manipulation on the COMEX. Recently, I read a post on X (Twitter) that said, “Don’t tell me anything about the silver manipulation, just tell me how to make money off it.” Obviously, the way to make money off the silver manipulation is to buy as much as you can reasonably afford (and maybe a little bit more) and wait it out. What else should anyone do with perhaps the most undervalued asset in history?

I want as many as I can convince to buy and hold silver in any variety of physical forms for the simple reason that its suppressed price should result in extraordinarily large profits. I’ve written many times in the past that the coming price rise in silver would be epic and written about for a hundred years.

The forces at play currently in silver just about assure a timely end to the price suppression. The evidence is never-ending that silver is close to blowing sky high in price. It is undeniable that a deepening physical silver shortage will determine prices in the end. The suppressed silver price has so altered demand (higher) and supply (lower) that even the Silver Institute now acknowledges that the entire world mine supply is needed for industrial demand.

Over the past three years, the growing physical shortage in silver has resulted in a dramatic reduction in world inventories. The world’s two largest stockpiles of recorded silver inventories exist in the COMEX warehouses and in SLV, the largest silver ETF. They have declined by 400 million ounces. When we reach inventory bottom, it stands to reason that prices must rise in accordance with the law of supply and demand. At some point, it is dead certain that we will need higher prices to ration supply. When it comes to rock-solid legitimate reasons for silver prices to soar, there are too many to count.

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