For more than a century, silver has been priced as a precious metal — a store of value, an inflation hedge, a speculative cousin to gold. That framing still dominates mainstream financial commentary. But it is increasingly obsolete.
In 2025, silver is not being priced as a monetary relic. It is being consumed as a critical industrial input — one that cannot be manufactured, easily substituted, or engineered away without serious trade-offs. Governments know this. Industry knows this. Markets are only beginning to catch up.
The demand profile for silver has changed fundamentally, and it has done so quietly, structurally, and. . .