Silver is the matrix of precious metals:
- on the one hand, it is an industrial metal, critical to the production process in many of the world’s most in-demand products;
- and on the other hand, it has been ‘money’ for millennia, playing second-fiddle as a spending ‘asset’ relative to gold’s ‘wealth’.
The question is always, which of these demand/supply attributes is more prevalent at any one time.
Right now, is it the “blue pill” of blissful ignorance that an economic recovery is imminent and v-shaped; or is it the unpleasant truth of the “red pill” that this is the beginning of the end of the current system and a post-COVID world will look very different (and require protection).