Generational Silver Bull Market Incoming

Peter Krauth, author of “The Great Silver Bull” and editor of “Silver Stock Investor,” shares his background and insights on silver at PDAC. He views silver, currently at $31-$32, as undervalued, with a gold-silver ratio of 90 (versus a historical 55-60), signaling a bullish outlook driven by persistent deficits (1.2 billion ounces demanded vs. 1 billion supplied annually) and dwindling above-ground stockpiles, a trend he believes is nearing its limit.

Krauth highlights silver’s dual role as both money and an industrial metal, with industrial demand—especially from solar (20% of industrial use)—surging to 60% of total demand, squeezing investment availability. He sees no viable substitutes for silver in key applications like solar and emerging solid-state batteries (potentially using 100g-1kg per vehicle), reinforcing its bullish case despite risks like economic slowdowns or hidden private stockpiles. Forecasting silver to hit $35 by mid-2025 and $40-$45 by next year, with a potential mania peak of $300 if gold reaches $5,000 and the ratio drops to 15:1, Krauth argues its technical breakout and inflation-adjusted potential ($145 today from 1980’s $50).