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The May 2025 Mastermind session of The Morgan Report wasn’t just another market update — it was a deep dive into what could be the most compelling opportunity in the metals space right now: silver.

Ted Butler, the voice behind the silver section of the In Gold We Trust report, laid it out clearly: the gold/silver ratio is still above 100. Historically, that ratio averages closer to 60. If silver merely reverts to its long-term mean, we’re looking at $48–$63 an ounce — potentially higher.

But this isn’t just about history. Silver’s demand story is accelerating:

Solar energy is consuming record amounts of silver, with next-gen panels using more metal, not less.

Solid-state batteries — expected to power the future — require up to 20x more silver than lithium-ion.

Military and defense tech quietly eats up tens of millions of ounces per year.

India’s appetite for silver has doubled, with investment demand now outpacing gold ETPs in some cases.

Supply? We’re in the fifth straight year of a global silver deficit. Mine output is peaking, and recycling isn’t filling the gap.

David Morgan summed it up: silver is a high-conviction asset in a tightening market with massive upside and a shrinking window.

The kicker? This entire conversation — insights, charts, forecasts, and all — is part of our exclusive Mastermind archive.

Video Length 00:13:09

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