Could Elon make you a millionaireX returns?
Editor's Note: Former tech executive Jeff Brown picked Nvidia in 2016. It's up 25,155% since. He recommended Bitcoin at $240. It's up 31,219% since. And he's been ahead of the curve on Elon Musk's businesses for over a decade. In fact, he was one of the first to predict SpaceX's IPO. But today, he says this goes beyond SpaceX. Elon is building something even bigger. And you can get in right now, on the ground floor. Click here for the details or read more below.
Dear Reader,
Imagine having an AI agent…
Whose only job is to generate stock market profits, over and over again.
While you sleep…
While you golf…
While you spend time with your grandkids…
It could be making money in the background.
Your dream retirement — automated...
The AI agent generates the profits for you.
Well, this is no longer a science fiction fantasy…
Elon Musk thinks he’s pulled it off.
In the short term, Musk has said it’s “not impossible” to see his AI agent return 70 times the investment.
If he’s right… just $15,000 invested in Elon Musk’s AI agent — would make you a millionaire.
You don’t need to be tech savvy at all.
Anyone can do this… young or old.
You won’t have to program anything or even download an app or anything like that.
It requires just one simple move by you.
And Musk’s AI agent does the rest.
You set how much you want to invest.
It could be as little as $100…
And you can sell and cash out, any time you want.
Now here’s what’s even better:
Former tech executive Jeff Brown will walk you through it.
Regards,
Chris Hurt
Host, Elon Musk’s 70X AI Agent.
Tuesday, October 6, 2026
74% of Silver Ignores Its Price
Six consecutive deficits and the mechanism still can't correct.
Silver's price rose 145% in 2025. Mine output rose 3%.
In most commodity markets, that gap closes fast. Higher prices pull more supply from the ground. Drillers drill. Miners mine. The system corrects itself.
Silver has not corrected. The market has run a deficit for six straight years. The World Silver Survey 2026 puts the shortfall at 46.3 million ounces. About 762 million ounces have drained from above-ground stocks since 2021.
The question is not where the price goes next. The question is mechanical. Why can't the supply respond?
The Big Idea
The answer is one structural fact. Nearly 74% of silver reaches the surface as a side effect of mining other metals. The price signal that normally fixes a shortage hits a dead end. The mines that produce most silver do not make decisions based on silver.
Legendary investor Stanley Druckenmiller once said:
“You don't get rich by diversifying into 50 mediocre assets. You get rich by finding two or three asymmetric home runs.”
Jeff Brown just found this NEW asymmetric home run he calls “Elon Musk’s One Stock Retirement Plan.” (Click here for details.)
The Signal That Goes Nowhere
In a normal commodity market, price works like a thermostat. The price rises. Producers see profit. They ramp up output. Supply meets demand. The temperature stabilizes.
Silver's thermostat is broken. In 2025, 73.9% of silver mine output was byproduct. The World Silver Survey 2026 confirms it. Lead and zinc mines produced 29%. Copper added 28%, gold another 16%. These operations exist to pull zinc, copper, and gold out of the earth. Silver is what rides along in the ore.
A zinc miner who finds silver in his rock cannot decide to mine more silver. He would need different rock. He would need a different mine. Silver's price is irrelevant to his schedule. His decisions follow zinc.
Only miners digging for silver on purpose can respond to silver's price. That share hit a record low of 26% in 2025. Output from those primary mines fell for the third year running.
Observation: Silver's price rose 145% in 2025. Primary silver mine output declined for the third straight year.
Interpretation: The price signal reaches only 26% of the supply base. That slice is shrinking. The other 74% cannot hear the signal at all.
Base Metals Squeezing From Below
The forces that control silver supply have nothing to do with silver. They are zinc forces and copper forces. Right now, those forces are moving the wrong direction.
Zinc production is declining globally. Teck Resources owns Red Dog, one of the largest zinc mines on earth. It is winding down as the rock yields less zinc per ton. When zinc output drops, the silver that rode along in zinc ore drops with it.
Total silver mine output rose 3% in 2025. Much of that came from copper operations in Peru and the ramp-up of a mine in Russia. Those mines added byproduct silver as a side effect of chasing copper. The gain was temporary. The World Silver Survey projects a 0.3% decline in 2026. Output falls back to about 844 million ounces.
The mechanism is plain. Silver's supply rises and falls on decisions made about other metals. When those metals weaken, silver's supply shrinks, no matter what silver's own price is doing.
Observation: Zinc production is declining. Silver mine output is forecast to fall 0.3% in 2026 despite elevated prices.
Interpretation: The base metal cycle is working against silver supply. The 74% of output that depends on other metals is contracting while demand holds.
Six Years of Drain
A market can run a small deficit for a while. Above-ground stockpiles absorb the gap. But six years changes the math.
The Silver Institute estimates about 762 million ounces have left above-ground stocks since 2021. COMEX registered inventory is the metal available for delivery against futures contracts. The most recent figure: 101.1 million ounces. That is down about 71% from pandemic-era peaks.
The Silver Institute projects 2026 demand at 1,110 million ounces. Supply sits at about 1,064 million. The cushion underneath keeps getting thinner.
New mines take years to permit and build. Few major primary silver projects are scheduled to produce before 2028. The broken mechanism has been running long enough to show in the warehouses.
Observation: COMEX registered silver is down 71% from its peak. Cumulative drawdowns since 2021 approach 762 million ounces.
Interpretation: The buffer that absorbs annual deficits is shrinking year after year. Six years of a broken supply mechanism leaves a mark the data cannot hide.
Quick Hits
73.9% of silver mine output in 2025 came as a byproduct of mining zinc, copper, lead, or gold.
Primary silver mines produced a record-low 26% share and declined for the third straight year.
Silver's price rose 145% in 2025. Mine output rose 3%.
The World Silver Survey 2026 projects a sixth consecutive deficit of 46.3 million ounces.
COMEX registered silver stands at 101.1 million ounces, down about 71% from pandemic peaks.
Zinc production is declining globally as major mines like Red Dog wind down.
China imposed silver export licensing requirements effective January 2026.
What the Byproduct Trap Means From Here
The signal to watch is base metal production data. Silver's supply does not follow silver's price. It follows zinc, copper, and lead output. When those numbers drop, silver's deficit widens.
The second signal is COMEX registered inventory. That figure tracks the physical metal available for delivery. It has fallen steadily for years. A continued decline means the cushion keeps thinning.
On the demand side, the pressure holds. Industrial demand for 2026 sits at 639.6 million ounces. Solar, AI data centers, and electric vehicles drive it. That demand does not care whether silver mines can respond to it.
The structural fact does not change with any given price move. The system that produces most silver was not built to respond to silver. It runs on the clock of mine lives and geology, not trading sessions.
The Map So Far
Silver has run a supply deficit for six straight years. The byproduct structure behind 74% of mine output cannot respond to price. The inventory cushion keeps shrinking because the mechanism that would rebuild it does not exist.
Until next time,
The Navigator
