This is VERY accurate for GOLD. If Bix is correct, there is TONS of gold in the Grand Canyon sitting just under the water. And there is already so much sitting in vaults, unused.
Silver is being used up at a rate faster than mining output. And we are about to get DEMAND for silver like never before. If we had the same spike for copper, we would have the same problem there. Mining just doesn't magically appear when need spikes.
Yeah, problem is that a lot (most) of USD traded silver is paper silver
Even worse, is most of that paper is unbacked. It really only exists on paper.