Silver has never been hard money. Every time silver’s price explodes, the same pattern repeats. Higher prices create higher incentives to mine. Higher incentives bring more supply. More supply eventually pushes the price back down. History makes this painfully clear. In the 1979–1980 run, silver surged from around $6 to nearly $50. Mining couldn’t respond overnight, but supply still showed up fast through recycling, melted jewelry, dumped inventories, and tighter financial conditions. The spike burned itself out. The detail most people miss is this: Most silver isn’t even mined because of silver. It’s pulled out as a byproduct of copper, lead, zinc, and gold mining. When silver gets expensive, miners run operations harder, process lower-grade ore, rework tailings, and extract silver that was previously uneconomic. Over time, supply always responds. This is exactly the point Saifedean Ammous makes in The Bitcoin Standard. When something becomes more valuable, humans figure out how to make more of it. That’s why silver inflates its own supply. So does gold. So does every metal. And this silver spike won’t be any different. Higher prices will pull more ounces out of the ground and out of storage. The market will adjust like it always has. Bitcoin is the outlier. No matter the price, supply doesn’t change. That’s the difference between a commodity and sound money.