Where is the Silver price going?

In my interview with with (Tavi) Costa (@TaviCosta), founder and CEO of Azuria Capital, one statement stood out clearly:

“I do think eventually we’re going to establish ourselves at a triple digit price.”

Tavi argues the silver market has entered a new structural phase, moving beyond cyclical noise into a multi-year re-rating driven by fundamentals.

He explained the supply situation in stark terms: “Global supply of our production of silver, it’s been stagnant for over the last few years… There’s really nothing coming on the pipeline that will significantly change this.”

On the demand side, Costa pushed back against traditional scepticism: “People used to say well silver prices go up too much… industrial demand will probably fall. Well it is true unless aluminum prices also surge and you don’t have an option.”

He views the recent price action — including consolidation after the $120 level and strong support in the $70–$90 zone — as healthy digestion before the next leg higher. According to Costa, this is “a readjustment to what’s been happening globally with monetary dilution and… a scarce metal that is really critical for society.”

Beyond the metal itself, Costa highlighted that the greatest opportunity lies in the equities, where operational leverage and record free cash flows could deliver multiple returns for investors as the bull market matures.

The full interview also covers technical setups, the lag into mining stocks, and why junior and mid-tier silver producers could see outsized gains as exploration and M&A accelerate.

StockBox has the full interview available here