Actual newly mined silver is around 1 Billion Troy Oz a Year, Paper contracts are over 400 B Troy Oz.
So an essentially 30 B business becomes well over a 1 T business on paper. Look for the paper trading to go away and silver to find a more stable value.
Unfortunately the vast majority of this is the USD losing value against gold, rather than gold rising in value. Alot of it due to the lowering of interest rates.
Looking at gold vs. currencies other than the USD, and gold is flat or even down. The USD is down 6% on the DXY over the last 90 days.
The collapse of the dollar is starting.
That's the point to gold, it's not as much investment as it is insurance.