>Bitcoin a currency backed by faith can go up to $39k, I’m sure an ounce of silver can go as high.
Bitcoin exists in finite quantity. Silver miners can increase output in response to price changes.
>When the economy and all the manufacturing comes back, much of which silver is consumed by, then the price goes up up up!
I work in an industry that consumes a large amount of silver. Utility/industrial sized electrical switchgear. I personally handle many pounds of silver contacts on a daily basis. And the next departments electroplates far greater amounts onto parts.
When the last big silver spike hit, there has an big production engineering push to minimize plating thickness. And new products in developments changed their contact design to minimize the amount of silver (silver/carbon sintered contacts, steel arc-runners, etc). The price spike ended; but they didn't return to past consumption levels. They didn't get sloppy with plating thicknesses again or redesign the contacts to the old style giant-lump-o-silver.
When the cost increases significantly, consumption decreases. When prices return to normal consumption does not always return to normal.
Don't assume that all these industrial products that use silver really NEED silver. I assure you, they can get by with a hell of a lot less.
>Silver is the most manipulated
They manipulate in in both directions. They profit off change. They don't care what the price is in the long run.
>but when the economic boom comes, I think silver price will go up.
Maybe a little. But with a economic boom comes the development of new mines. These will happen on the same relatively long timescales. And don't forget that enough silver and gold is produced as a byproduct of refining other metals, those production will also increase, to supply all industrial needs.
2021 is getting off to a good start.