After spending a lot of time over the last few weeks getting into the weeds of the silver market, I have come out as a cautionary bull. In this Letter, I dig into some of the highlights that led me to conclude that the structural supply & demand dynamics for silver point to higher prices in the years ahead.

In this Letter I dig into the supply and demand fundamentals of the gold market. Then, building upon my broader economic and market forecast, I use my findings to produce a forecast for the price of gold out to 2019.