March 21, 2024 | Silver Contrarian

Physical conditions in silver, appear white-hot bullish. New silver import data from India indicates more than 70 million ounces were imported into that country in February. This is a number so large it raises questions about why silver didn’t rally more. If an amount of any other commodity equal to a full month’s world production were imported into one country in one month, effectively depriving the rest of the world of that production, it would cause an explosive price reaction in that commodity. Yet, silver far from exploded in February because of the COMEX price manipulation.

But the evidence indicates it is time to look past the dying grip of manipulation because the indicators in the physical silver market are so overwhelming as to be impossible to deny. Again, imagine just one country importing in one month the entire world production of any commodity, say, oil, copper or grain. The price of that commodity would explode in reaction to such a development. That it hasn’t in silver is strictly a case of “not yet,” as the law of supply and demand cannot be trifled with indefinitely. A physical shortage can be covered up and “managed” for a while, but not for long.

A curious aspect currently in force in silver is the widespread consensus in the analytical community that silver is dirt cheap and should be bought. In all the decades I have been immersed in silver, I have never witnessed so many analysts and commentators as bullish as now.  This sets up a unique circumstance that the facts in the silver market indicate near-universal agreement that silver should be bought for price gains.

As bullish as the analytical community may be on silver, the investing public is not heeding that call to buy. The people that invested in silver five, ten or 20 years ago, have been worn down by the stagnant prices. Meanwhile, most other markets, including gold, have risen to new all-time highs. Many have lost sight of just what an investment bargain silver represents – the emotional baggage of holding an asset that hasn’t performed to expectations is difficult to overcome.  But the opportunity in silver requires ignoring the past and embracing the future. Don’t miss out on what may be the best single investment opportunity of a lifetime; silver prices have been artificially suppressed for too long and this has to end soon.

Ted Butler March 21st, 2024

Posted In: Butler Research

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