Silver production in Mexico — the world’s largest silver producer — is currently about 20% below the peak levels seen a decade ago, highlighting a persistent structural supply constraint.

According to Crescat, bubbles in so-called “monetary metals” do not form when supply is limited and structural demand continues to rise, especially at a time when the global fiat monetary system is under increasing stress.

Against this backdrop, silver is increasingly being viewed not just as an industrial metal, but as a monetary hedge, benefiting simultaneously from green-energy demand, supply deficits, and growing distrust in fiat currencies.

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