Dear Crisis Investing Subscribers,
One of our silver positions has more than doubled since our October recommendation, climbing 105% in just three months. If you’re a regular reader, you probably know what comes next: it’s time to lock in profits on half your position via a Casey Free Ride and let the rest ride for free.
But before we get to the specifics, I wanted to share what’s happening in the silver market right now.
We just got confirmation that 2025 marked silver’s fifth consecutive year of structural supply deficit. The cumulative deficit since 2021 now exceeds 800 million ounces—nearly a full year of global production that’s effectively been pulled from above-ground inventories. And this coincided with exchange stockpiles in London and COMEX getting drained to historic lows.
Meanwhile, on the demand side, industrial consumption now accounts for nearly 60% of total silver use—up roughly 50% since 2015. Solar installations, electric vehicles, 5G infrastructure, and AI data centers all require silver. And unlike investment demand, which ebbs and flows with sentiment, industrial demand is structurally sticky.
And in its own way, supply is sticky too.
Roughly 70-80% of global silver production comes as a by-product of base metal mining. That means silver supply is structurally inelastic—miners can't simply "produce more silver" when prices rise unless the economics of lead, zinc, copper, and gold justify higher production too. And instead of rising, mine supply actually fell by roughly 3% in 2025.
Put all of that together, and it shouldn’t be surprising that silver soared roughly 160% last year.
Strangely, that may be the least interesting part.
Because even with silver moving sharply higher—yes, with pullbacks along the way—silver miners still remain near parity with the metal itself. I’m talking, of course, about averages here, but they reflect the same broader pattern we’re seeing in our own Crisis Investing portfolio: the leverage from our silver picks hasn’t come in full force yet.
Still, some positions have done well. Late last month, we issued a Casey Free Ride alert on one of our silver picks. And today, we’re issuing another—on a position that has just doubled.
For paid subscribers, below you’ll find the specific stock name, full Casey Free Ride calculations, and the rest of the details.