dan dreyfus

Silver runs a structural ~200M oz annual deficit (consume 1.2B oz, supply 1.0B) with only ~600M oz of above-ground inventory left, implying a stockout within roughly three years; photovoltaic and space-based solar demand intensifies the squeeze.

A demand shock (AI data centers, electrification, EVs, defense) collides with a supply shock (depleting century-old mines, 7-12 year build times, almost no new tier-one mines); meeting GDP-only growth requires as much copper in 18 years as mined in 10,000, so the price should easily double.

A structural deficit of 200M oz/year against just 600M oz of above-ground inventory; solar panels and data centers in space are accelerating demand, and the clock is ticking.

Over the next 18 years we'll need as much copper as we mined in the last 10,000; data centers require 50,000 tons/GW and 15GW are being built per year against only 500k tons of supply growth — a supply shock plus a demand shock plus dollar debasement.