As silver moves toward $100/oz, it’s important to clarify what it is not: a long-term store of value like gold or Bitcoin. First, silver is structurally more volatile, historically far more volatile than gold, see the chart below. Second, the new mine supply expands above-ground silver stocks by 4.6% annually, versus <2% for gold and 0.82% for Bitcoin. See the stock-to-flow chart, the inverse of the ratio is the annual inflation rate. That combination, higher volatility and faster supply growth, makes silver a cyclical, high-beta asset, not a monetary anchor.(BloFin Research)