September 24, 2025

(WATCH SILVER – IT’S UNDERAPPRECIATED)

 

September 24, 2025

 

Hello everyone

 

I’ve been doing a lot of research lately on some targets for the precious metals sector.  And what I’ve found points to the fact that we are really in the early stages of this huge bull move. 

Silver is particularly interesting.  For many decades, it has played second fiddle to gold – underappreciated and volatile.  The landscape has certainly changed.  In today’s monetary climate, we could be in the midst of one of the most significant revaluations in modern financial history.

Analyst Mike Maloney believes silver is structurally mispriced.  He argues the question is not if silver will move higher, but where the next price milestone lies.  And, according to Maloney, US$200 per ounce is a realistic target in the not-so-distant future.

And how does Maloney reach this target?

Let’s go back to inflation-adjusted comparisons.

If silver were measured against true historical purchasing power – rather than the diluted CPI (or as Maloney calls it, the “CP Lie”) – it would already be trading near US$200.  Maloney argues that this isn’t a speculative leap, but a baseline valuation that reflects its historical role as money.   By this measure, silver isn’t just undervalued; it’s deeply suppressed.  And Maloney points out that when the correction comes, it will be abrupt and potentially disorderly.

The scale and scope of global participation is making the current environment unique.  Today, there are 18 times more people globally who can legally buy gold and silver.  Parallel to this is the fact that the global supply of fiat currency has increased 55-fold, while gold production has merely doubled.  Silver – still both an industrial and monetary metal – is now tied to a vastly larger pool of currency and market participants.   In other words, it will only take a spark to ignite the metal.

And where could we expect that spark to come from?

Central banks.

Over the past five years, foreign central banks have quietly accumulated gold at levels not seen since the monetary resets of the 1920s and ‘30s.  Much of this activity is hidden – tucked into sovereign wealth funds and state-owned banks – making official data incomplete.  By stockpiling gold instead of exporting it, nations like China are signalling a strategic shift away from the US dollar standard.  While silver isn’t being hoarded in the same way, it tends to follow gold’s lead.  As monetary metals often move in tandem, any rerating of gold’s role in the global financial system will likely reverberate through the silver market.

Real interest rates are another key driver. 

With global growth slowing and rate cuts on the horizon, the stage is set for a sustained multi-year bull market.  Given its volatility and leverage to gold, silver could deliver larger percentage gains over the same period.

You will have many argue that silver’s volatility is unsuitable as a core holding.  But isn’t that the point?  Investors are always on the lookout for asymmetric opportunities, and that volatility in silver could prove to be extremely profitable for investors.

Maloney suggests that 2025 may be the ideal window to enter the silver market.  While gold has already moved substantially, narrowing its undervaluation, silver appears to be in the early stages of its revaluation.

It’s possible we may witness a move in silver toward its inflation-adjusted range near US$200.  The pace of this move will depend on monetary policy shocks, central bank actions, and shifts in investor sentiment. 

Maloney sees silver as one of the most compelling asymmetric investment opportunities of the decade.

Don’t miss this train.

 

QI CORNER

Tian Yang (CEO at Variant Perception)

Cheers

Jacquie