Silver Market Is Just Getting More Bullish _ Peter Krauth

"Silver hit a record $121 an ounce in January—then crashed 35%. Most investors think the rally is over. Peter Krauth says the real bull market hasn't even started."In this episode, Peter Krauth—author of *The Great Silver Bull* and editor of the *Silver Stock Investor* newsletter—explains why silver's structural deficit is widening even at lower prices [citation:1][citation:3]. Since 2021, 762 million ounces have been drawn from global inventories . For five consecutive years, demand has exceeded supply by roughly 20% annually . The 2026 deficit is projected to widen 15% to 46.3 million ounces, despite total demand falling 2% [citation:5][citation:9]. Why? Because supply is shrinking faster—mine output is flat, recycling is constrained, and above-ground stockpiles at COMEX, LBMA, and Shanghai exchanges have collapsed 40-70% since early 2021 [citation:1][citation:6].Krauth argues industrial demand from the solar sector (now consuming nearly 25% of mine supply) has fundamentally transformed the market, while investment demand has shrunk to 40% of the mix [citation:1][citation:4]. When investment demand returns, there will be less metal available each year—driving prices "higher and faster."He also highlights the Fed's rate-cutting cycle: in the last three easing cycles, silver exploded over 300% on average within 12-18 months [citation:1]. With central banks losing credibility, silver's 100:1 gold-silver ratio suggests extreme undervaluation. Krauth maintains his long-term target of $300 silver in a mania phase, a target he emphasizes is "very realistic" [citation:1]. The bull market is still early. Press play.