“I have $5,000… What should I buy and hold for the next 10 years?”

That was the question a friend put to Paradigm editor — and bleeding-edge crypto adopter — Chris Campbell in 2012.

“He was looking for something fun, off the beaten path. Edgy,” Chris recounts.

“I told him to get both silver and Bitcoin, a variation of the barbell strategy…

Courtesy: Quantilia

“Silver was never going to zero. Odds are, it would eventually go up. Bitcoin could go to zero, but it could also go to $100,000 or more.

“He looked at me like I was a lunatic,” Chris recalls. “Bitcoin was around $100. There was no friggin’ way it would ever see $100,000.

“Also, in 2012, nobody in the financial media was talking about Bitcoin. If they were, they were talking about how it was a scam.

“EVERYONE was talking about silver,” says Chris. 

“He bought $5,000 worth of silver at $34 per ounce.

“Twelve years later, he’s still down.

“Meanwhile, $2,500 in Bitcoin back then would be worth over $1.7 million today.” 

(Chris assures us his friend is doing just fine — despite the hard lesson learned.)

Now? Chris says his answer to the investment question put to him in 2012… would still be the same today.

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Your Rundown for Monday, June 10, 2024...

“I Still Love Silver” 

“In recent months, [I see] an increasingly bullish case for silver,” says Chris. “For real this time.

“Executives from silver mining companies and analysts who follow the sector closely believe that silver is on the cusp of a major bull market, driven by a perfect storm of supply and demand factors.

“For four consecutive years, silver demand has outstripped supply, with the deficit expected to grow to a staggering 250 million ounces in 2024,” Chris notes.

“This structural shortage is the result of years of underinvestment in new mine supply, coupled with rapidly growing demand from both industrial and investment sources.

“On the demand side, solar panel manufacturing has emerged as a major consumer of silver, accounting for around 35% of total demand(!).

“Some projections show solar demand rising to 50% of total silver consumption in the coming years — 50%!” he emphasizes. 

“Add to that, investment demand for silver is also heating up, particularly in the key Asian markets of India and China.” 

Why is this important? 

“Buyers in these countries,” says Chris, “have a clearer view of the supply/demand fundamentals than Western investors, prompting them to stock up on the metal.” 

Thus, we arrive at Chris’ chest-out silver forecast… 

“The base case for silver: $66,” he says. (Clearly, he’s not alone.)

“Best estimates suggest that primary silver mines, while benefiting from higher prices, would require silver prices to more than double to incentivize meaningful new production,” he says.

At the same time: “Resource nationalism in major silver-producing countries like Mexico, Peru and Chile is compounding the supply challenges.

“Governments in these countries are looking to take a larger share of mining profits, while tighter regulations and social opposition are making it harder than ever to build new silver mines.

“Finally, the monetary backdrop is also supportive for silver,” Chris says.

“Central banks around the world are accumulating gold at the fastest pace in decades, as confidence in the U.S. dollar wanes.

“This shift will benefit silver, which tends to follow gold directionally but with higher volatility.

“While often overlooked in favor of its yellow cousin, silver's moment in the spotlight may have finally arrived.

“I’ve heard it all before, of course,” Chris concludes. “But I can’t help it… 

“I still love silver.”

Market Rundown for Monday, June 10, 2024

The S&P 500 is down 0.20% to 38,720. 

Oil is up 0.65% to $76 for a barrel of WTI. 

Silver? Up 1.30% this morning; stuck right below $30. 

And Bitcoin’s pulled back 0.45% to $69,440. 

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