Get a shovel. I tend to fall in the $600/oz camp. Occasionally the black pill gets slipped in, but the fact is silver is USED and there's just not that much of it left in the dirt. The demand for it is soaring as well.
More new reserves than gets readily publicized, but I agree the value is suppressed:
In the past five years, several large new silver deposits have been identified, most notably a massive copper‑gold‑silver discovery in the Andes (Argentina/Chile) estimated at millions of tonnes of silver content, alongside incremental additions in Peru, Mexico, Bolivia, and other Latin American countries. Globally, silver reserves have grown by roughly 20,000–30,000 tonnes since 2020, bringing total known reserves to about 553,500 tonnes in 2025.
🌍 Global Silver Reserve Growth (2020–2025)
Year Estimated Global Silver Reserves Key Notes
2020 ~525,000 tonnes Baseline before recent discoveries
2021–2023 +10,000–15,000 tonnes Incremental finds in Mexico, Peru, Bolivia
2024 ~550,500 tonnes USGS reports steady increases from new detection methods
2025 ~553,500 tonnes Includes Andes mega‑deposit announcement
Sources: USGS Mineral Commodity Summaries, World Population Review, Sustainability Times
🔑 Important Discoveries
Andes Mountains discovery (Argentina/Chile, 2025): One of the largest finds in decades, containing copper, gold, and silver in colossal quantities.
Latin America projects: Mexico, Bolivia, and Peru have multiple undeveloped silver projects expected to add significant reserves.
Detection improvements: Advances in geophysical exploration have steadily increased reserve estimates year‑to‑year.