From one of the world’s most respected authorities on precious metals investment–a thoroughly researched volume on the investment prospects for silver, the other gold.
After outperforming virtually all other investments for more than a decade, gold is being reincorporated into the financial system as an asset deserving a position, large or small, in mainstream diversified portfolios. Leaving aside the metal’s rediscovered diversification benefits (it tends to go in the opposite direction when stocks go down sharply), gold has risen as a viable investment alternative in today’s environment of unhinged global government spending and monetary expansion.
While silver has risen as well–even more than its sister metal over the last decade–it has remained gold’s shadow investment for important reasons. For one, its smaller market and higher volatility have kept most financial professionals away, as the metal is often regarded as a highly erratic investment best left to speculators. There is also the memory of the 1980s and ’90s bear market, precipitated, in part, by the illegal attempt by two wealthy families to corner the silver market, which led to the metal’s darkest day, March 27, 1980. While gold has more than doubled in value since its 1980 peak, silver remains substantially below the all-time high it reached more than three decades ago.
In The Silver Bull Market, Shayne McGuire examines vital considerations about silver alongside the significant drivers of the metal’s bull market. Although silver moves closely with gold, it differs from its sister metal in that more than half of demand is derived from multiple industrial processes. While its significant reliance on film photography has ended, today silver’s industrial demand is driven by technological progress: brazing alloys and solders, smart phones, tablets, plasma panels and new applications like silk-screened circuit paths and radio frequency ID tags, photovoltaics (solar panels) and new medical applications: silver is both biocidal and highly conductive. Though Warren Buffett disdains gold for its lack of utility, he regards silver differently: in the late 1990s he purchased 130 million ounces, one-fifth of global production at the time.
Manager of the first gold fund launched within the U.S. pension system and author of two books about gold investment, McGuire:
* Outlines what he regards as 13 key drivers of silver investment for the years ahead, including its deep connection to the ongoing electronic revolution (as a key industrial input), its strong correlation with gold, and its high sensitivity to an increase in potential inflation in the future
* Provides an investment history of the metal, which considers the key reasons for its separation from gold in the 19th century, the impact of the decline of film photography, as well as the end of the 1970s bull market
* Thoroughly examines the risks related to silver investment, particularly its higher volatility than gold and its behavior at key financial moments that have
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