Steady, lads. Deploying more capital.

Silver’s taking a beating, but the bigger picture hasn’t changed.

Tavi Costa’s chart compares the 2005–2011 silver bull run with today. Back then, Mexico’s silver production surged alongside prices. This time, silver prices have skyrocketed while production has remained relatively flat.

Why Mexico? Because it’s the world’s largest silver producer. If even the biggest player isn’t significantly increasing output despite much higher prices, that raises serious questions about how much additional supply the market can actually bring online.

The market can dump in the short term, but higher prices without a meaningful supply response are exactly why I’m still bullish long term.

I’m holding.