Ted Butler: Silver Bull Market Only 1/3 Done

Silver market analyst Ted Butler provides an update on the silver bull market, drawing parallels to the 1970s and assessing current supply-demand dynamics. He discusses his ongoing research for the In Gold We Trust report and other publications, the resilience of solar demand, opportunities in Latin American mining jurisdictions, and the potential long-term impact of AI on monetary systems and precious metals.

• The current silver bull market is only about one-third complete, with strong parallels to the 1970s (silver rose ~420% then versus ~130-140% since the 2024 breakout); Butler expects a blow-off top later in the decade and significant outperformance from silver stocks due to 3-5x leverage.
• There is no genuine structural silver supply deficit; Butler describes claims of a multi-year deficit as marketing hype from the Silver Institute, with net investment demand being the primary driver of silver prices.
• Silver has become fairly valued relative to gold (gold/silver ratio now near historical averages of 50-60), but the long-term secular bull market in precious metals remains strongly intact amid ongoing de-dollarization and global monetary shifts.
• AI-driven job displacement is expected to accelerate government spending and debt, further supporting higher gold and silver prices in the coming years.
• Latin America presents significant mining opportunities despite risks in certain jurisdictions (e.g., Mexico); a regional shift toward more pro-mining governments is creating a more favorable investment backdrop for silver projects.