❗The “Silver Market Cap” Narrative Is Misleading ⚠️
People love quoting a $6T+ “silver market cap.”
That number assumes all silver ever mined is still available. It isn’t.$PAXG
Roughly 56 billion ounces have been mined — but ~90% is gone into electronics, solar panels, medical tools, mirrors, and industrial waste. It exists in tiny fragments, scattered across millions of devices, and can’t be traded or delivered.
Only about 20% of silver is ever recycled.
The rest is effectively off the market — just like oil that’s already been burned.
If tens of billions of ounces were truly available, silver wouldn’t be trading above $100/oz, and industrial buyers wouldn’t be locking in supply directly from miners.
Silver doesn’t behave like a stock or a crypto token.
It behaves like a consumed commodity.
Rising prices aren’t hype — they reflect real scarcity most people don’t understand.
