Silver is in a multi-decade downtrend dating back to 1980. The silver price needs to be $184 today to match its 1980 intraday high of $49. Silver at $25 oz. today is the equivalent of $8 oz. in March 1980.
The safe-haven boost will also trickle down to silver, despite most of the metal’s demand being from industrial activities. “Silver has historically delivered gains of close to 20% per annum in years inflation is high”
There can be little doubt that those shorting shares of SLV, the largest silver ETF in the world, are doing so because the required amount of physical silver is not available to secure and deposit as required by the prospectus.
And finally, let's plot copper and silver together over the same period shown above. You can plainly see the long-term correlation. You might also note that silver currently appears to be undervalued by about half.