Silver Rises Over 120% YTD 
Mike Maloney is personally accumulating silver right now—and his target might surprise you.
He’s expecting the gold/silver ratio to compress from today’s levels down to 20:1… maybe even 10:1. If that happens, silver could outperform gold by a factor of seven.
That means if gold doubles from here, silver could potentially go 14x higher. If gold triples, silver could go 21x.
But is the “silver monetary reset” narrative real? In this episode of The GoldSilver Show, Mike and Alan fact-check a viral macro thread claiming we’re witnessing “the most important monetary shift of the 21st century.”
Here’s what they found.
The India–Russia Trade Loop: What’s Real
The viral thread starts with a verifiable fact: after Western sanctions in 2022, India–Russia oil trade exploded to $50–60 billion annually. But Russia rejected payment in Indian rupees because they’re not internationally convertible—they called rupees “pointless outside India.”
So India shifted to paying in UAE dirhams (AED) and Chinese yuan. The claim? Russia is converting those AED into yuan, then using yuan to buy physical silver from China.
Mike’s take? “These are potentially huge nails in the coffin of the global dollar standard. But it’s not going to happen all at once—until it does.”
The trade mechanism is real. Russia’s $500 million annual silver allocation is real. But some of the narrative is speculative.
Where the Thread Gets Shaky
The thread claims silver “detached from COMEX pricing” and started tracking the Indian rupee/Chinese yuan exchange rate in July 2024.
Mike’s response? “I don’t think so. COMEX is still following the price of silver.”
He also points out that correlation doesn’t equal causation. “You could probably draw a chart that looks like this with 20 different macro indicators. That doesn’t mean they’re causing the price of silver to go up.”
His verdict: “I think he’s done a spectacular job… but that particular statement is not true yet. It will be someday.”
The Supply Crisis That Could Last Until 2030
Here’s what Mike does agree with: the structural supply deficit.
Silver has been in deficit for 5+ years. New mines take 5–10 years to bring online. Meanwhile, demand from EVs, solar panels, data centers, and AI is exploding.
Mike doesn’t expect silver to go into surplus until at least 2030—and even then, demand growth could keep it in deficit longer.
“The only thing that can balance this is price. It’s a fundamental law of economics.”
He also notes that photography demand used to provide recycled silver supply—but that’s gone now. Less demand and less supply from that sector.
Why Mike’s Accumulating
Mike’s thesis is simple: silver is shifting from an industrial metal to a strategic reserve asset. Central banks are waking up. Russia is allocating $500M/year. Saudi Arabia bought SLV shares. India slashed import duties.
“Silver is going to be added to gold as a reserve asset. Some of this is absolutely true.”
And with a multi-year supply deficit, industrial demand exploding, and central bank accumulation just beginning, Mike sees the gold/silver ratio compressing dramatically.
20:1 would be a 7x outperform if gold stays flat. 10:1 would be even more dramatic.
People Also Ask
Will silver outperform gold in 2025?
Mike Maloney expects silver to outperform gold by a factor of 7x if the gold/silver ratio compresses to 20:1 or lower. This would mean if gold doubles, silver could potentially go 14x higher due to the ratio compression combined with gold’s gains. Watch Mike’s full analysis on the GoldSilver YouTube channel.
What is the current gold to silver ratio?
The gold/silver ratio measures how many ounces of silver it takes to buy one ounce of gold. Mike Maloney is targeting a compression to 20:1 or even 10:1, compared to historical highs above 80:1 in recent years. A lower ratio means silver is gaining value relative to gold.
Is there a silver supply shortage?
Yes, silver has been in a structural deficit for 5+ years, meaning annual demand exceeds new mine supply. Mike Maloney doesn’t expect this deficit to resolve until at least 2030 because new mines take 5-10 years to bring online, while demand from EVs, solar, AI, and data centers continues to grow.
Are central banks buying silver now?
Yes, Russia officially allocated $500 million annually (2025-2027) to purchase silver and critical minerals for the first time in its history. Saudi Arabia has also purchased SLV shares, and India slashed silver import duties from 15% to 6% in July 2024, signaling increased sovereign interest in silver accumulation.
Should I buy gold or silver right now?
Mike Maloney is personally accumulating silver because he believes it can outperform gold by 7x if the gold/silver ratio compresses to his target of 20:1 or 10:1. However, he emphasizes that silver’s role is elevating alongside gold—not replacing it—as both metals benefit from inflation concerns, de-dollarization, and central bank buying. Watch his full breakdown on the GoldSilver Show to understand the ratio opportunity.
