The real value of silver before covid was alleged to be $400/oz, based on a few things:
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historical gold to silver ratio
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prices used historically for prostitution
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industrial demand
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manipulation of physical market with paper certificates.
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Disparity: For every one ounce of physical silver, there are approximately 250 ounces of paper silver, including derivatives like certificates, ETFs, and mining stocks.
Consider that this was all before Covid and inflation, meaning, the real value could even be higher, 800 or 1000/oz. I honestly believe that if they lose control, and are no longer able to suppress the physical market using their fake digital and paper silver, we will see above 1000/oz prices.