This is a lesson some learn the hard way. Even in March 2020 the market for the two was drastically different. In a full economic collapse an exchange to trade in paper may be inaccessible, it may be confiscated by the government for the “national interest”, or the paper deemed flat out worthless if there’s fuckery by whoever is holding the metal.
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While a lot of your points are valid, I think you underestimate the time and effort required to get a silver mine up and running (in California it would take 5 years of enviro assessments and permits before you got a shovel in the ground). I work in oil and gas and the market balances itself over time - higher prices will lead to more exploration and production. A higher price will definitely lead to more production of silver... over time.
However, what sets silver apart is that it’s a relatively rare metal with a historical association to currency. In fact the US has issued silver backed notes in the past. If patriots win Gold and/or silver will underpin the new currency. Even when not functioning as a currency silver trades in the $10-20/oz range. This use as a currency would skyrocket the price. You see a glimpse of this even now as a few thousand redditors buy a handful and it’s already squeezing supply.
Where people get hung up on is the fluctuating value. Yes, it changes over time. But the key point is that it always has value. People have wallpapered their houses with dollars, but it will never happen with gold or silver.