I've chosen silver and I'm convinced it is the number one investment. If Dunning if you said Sean there's only one investment [music] you could uh participate in, it would be silver. >> You're watching Silver News Daily. Subscribe for more. >> $400 silver. It sounds impossible until you realize it's already happening right now. Deep inside the corridors of India's central banking system, a historic revaluation is unfolding in real time. For the first time ever, silver is being eyed for monetary status at a fixed 10:1 ratio with gold. That's not a forecast. That's a decision in motion. And when gold trades at $4,000, the math is simple. Silver doesn't stay at $50. It launches straight to $400. But this isn't just about price targets anymore. CEOs are scrambling. Comx vaults are draining. And a silver shortage is erupting beneath the surface as the military, the industrial complex, and private investors all claw for what's left of the world's most underpriced asset. This isn't a price rally. It's a full-blown scarcity event. And the moment it breaks into the mainstream, the silver market as we know it will never be the same. Stay with me because this isn't a prediction. This is confirmation. >> Absolutely. Um, so for me, it's it's a personal story. you know, growing up um you know, to two Indian parents uh growing up in Vancouver, Canada. Uh you know, my parents had come over from India in their early 20s. And so as I as I was growing up as a kid, my parents um you know, they they had some of their wealth in in gold, right? That was a uh you know a long tradition in the family where you know we come from a long line of farmers and those farmers when they'd have a good harvest um would expand the farmland or they would uh save in gold. And so I grew up with that that principle that um you know currencies come and go and and uh but real wealth and real real value and real money is gold. And so I um came into the gold mining industry when I was 22 years old and I got behind a geologist and we built a gold mining company from 2004 to 2011 that was quite successful. It went from inception to about a billion half dollar valuation. Uh we did we did quite well for our investors and you know we put 600 people to work full-time and it was just a really wonderful experience. Um, I made more money speculating in silver stocks in 6 months than I did building a gold mining company. So my uh my lesson was and and I wasn't done again. I I didn't know much about silver. I was so gold focused and gold centric and I was you know I just you know I was in my 20s and I was learning and I didn't have the bandwidth or you know brain capability to to take in the information about anything other than gold. I was learning how to build a company and it just I couldn't couldn't think about silver. I couldn't learn about copper. It was just gold centric. But um something happened in uh in September of 2010 where I made a significant silver investment and it went up um 1100% in 6 months and um and then I it just caught my attention and I thought there's something here I need to focus on something and I started studying history and I started understanding the relationship both the natural relationship between silver and gold and how you know silver and gold have you know really acted as money since for the last 5,000 years and then I started really realizing how scarce silver deposits were. So the takeaway, the Milon winded answer. >> India may have just fired the first shot in a monetary revolution and silver is at the center of it. Behind closed doors, the Reserve Bank of India is exploring a radical shift, backing select financial instruments with silver using a 10:1 silver to gold collateral model. To put it plainly, if gold holds steady at $4,000 an ounce, silver must be valued at $400 to maintain par. This isn't speculation. This is an institutional blueprint being whispered through financial circles and echoed by the very same central bankers who once dismissed silver as too volatile to hold monetary weight. And this time it's different. Because unlike gold, silver is vanishing. The very moment silver is reintroduced as a monetary asset, it stops being just a commodity, it becomes money again. And when that happens, every gram hoarded for industrial use becomes a liability for financial institutions who suddenly need physical metal to maintain collateral coverage. That's not just a change in status. It's a pressure bomb. The institutional world has spent decades pricing silver based on manipulated comx contracts and artificial derivatives. But when physical demand is priced into the monetary system, all of that evaporates. Silver's value is no longer determined by futures. It's determined by who can actually deliver it. And if India follows through, it won't be the only one. Other central banks will be forced to reconsider silver's role in a postdoll world. This isn't just India making a move. It's India forcing the world's handation works out to being is that number is we're coming out with the best gram meter intervals the project's ever seen in the 100redyear history of the project. So, uh you're you're right to point out 3 days ago on November 10th, we came out with um results from our home stake silver deposit. And what happens with these systems is the silver and the gold have different melting temperatures, right? So uh gold and and for instance copper melt at a higher temperature than say silver lead zinc and so based on that we have different parts of our system. Some are silverri some are goldri. So in a goldri zone we just drilled um it was approximately uh 14 m of approximately 26 g per ton of gold. And so it's a very significant strike. Uh it works out to something like about 385 g m. And just to put that into context, anytime you have better than 100 g meter interval, that's that is the earmarks of a discovery that has the potential to become a minable deposit. Now, one thing that we're aided at Dolly Varden is we have passing mines. We have five pass producing mines. And what I tell my team and what I tell my investors is if these mines were profitable, let's go back to 1959 when the Torbert mine was operating, silver was 85 cents an ounce. So, if it was profitable to run the mine from 1949 to 1959 at subad dollar silver prices, um I feel confident that in this new price environment we're in where silver's gone from $16 to 50, I feel confident that there there may be an economic case here to look at bringing these mines back into production. The moment silver crosses the threshold from commodity to currency, the world will wake up to a terrifying realization. There simply isn't enough of it. While investors argue over charts and comx plays, the real silver is disappearing. Vaults across the globe are being bled dry. Since 2020, comx inventories have collapsed by over 70%. And it's not just speculative traders cashing out. It's industrial giants, defense contractors, and now even governments all chasing the same dwindling ounces. The recycling stream, once seen as a fall back, is nowhere near enough to fill the gap. Last year's total recycling output barely scratched 190 million ounces. While industrial demand alone soared past 680 million, the deficit over 100 million ounces and growing every single year. And that's before central banks even step in. What we're witnessing isn't a slow motion shortage. It's a runaway collapse in available supply. And once physical premiums begin to skyrocket, the digital market's illusion of abundance vanishes. When buyers demand bars and get IUS instead, the credibility of the entire pricing system implodes. In past cycles, silver was undervalued. Today, it's not just undervalued, it's unavailable. That changes every diet behind everything because unlike financial products, silver can't be printed, coded, or bailed out. When it's gone, it's gone. And the clock is ticking. Just before we get going, we just launched the official Silver News Daily Telegram. To kick things off, we're running a 10oz silver giveaway. Yes, real physical silver, not a voucher, not digital credits, actual bullion. This Telegram will be our new home for real-time silver discussions, market insights, collection picks, and everything precious metals. It's where the community truly comes alive. Here's how to enter the 10oz silver giveaway. Be subscribed to Silver News Daily on YouTube. Turn on the notification bell, comment 10O giveaway on three separate videos. Be an active member of the Telegram group, and say hi. Once we hit 500 active Telegram members, we'll pick one lucky winner to receive 10 ounces of silver shipped directly to you. So get in early, stay active. It's a great question. So the mineralizing event that brought in the big deposits in the area is something that scientists have been studying for over 100 years. And there's certain I'll use the term predictability based on different a uh ages of rocks, you know, Jurassic age rocks versus the Triacic, uh different formations, you know, the Stahini um versus the Hazelton. And so understanding what rocks you're in, um how old those rocks are helps you to find where to look for big deposits. And it's within the 2 kilometer unconformity of these two systems where the fluids came up and deposits were endowed. And so our scientists have a lot of tools in their tool belt in terms of looking at structure. Structure plays a big role. If you don't have those fluid pathways, deposits can't be formed. So we've we've done LAR surveys to pick up the structures. We've done geochemical surveys. Um we've done geoysical surveys and we've taken all the modern um tools and we've run them actually through artificial intelligence which has sped up what would historically have taken decades we can actually now do in a weekend. And those uh programs have spun out um targets and then our scientists rank the targets and what we've been able to generate here this year alone consistently November, October, September, the best drill results. Okay. And what we've done done again is we're multiplying the grams of silver or gold. So, grams per ton multiplied by the width of the strike in meters. So, we're taking the grams, we're multiplying it by the width. And what that calc while most investors are still focused on inflation and interest rates, the defense sector is quietly turning silver into a strategic resource. Behind every radar system, satellite uplink, and weapons platform lies one common thread, silver. And the demand isn't theoretical. It's immediate. It's measurable. And it's accelerating. A single Tomahawk cruise missile uses roughly 500 ounces of silver. Multiply that by thousands of missiles in global stock piles, and the numbers become staggering. Now, factor in autonomous drones, directed energy weapons, and nextg communication systems, all of which require high-grade silver for conductivity, shielding, and circuit integrity. And here's the kicker. The military doesn't care about price. If the US Department of Defense or India's Ministry of Defense needs silver for weapon systems, they'll pay whatever it takes. Investors might hesitate at $60 silver. But militaries don't. They buy in bulk. They buy on schedule. And they don't sell it back. This isn't just about future wars. It's about active procurement cycles draining the market in real time. Silver isn't just a precious metal anymore. It's a national security asset. And once the world's largest militaries begin locking in long-term contracts, the open market will be left with scraps. At that point, the price won't be determined by technicals. It'll be determined by panic. >> So, it's interesting. Silver is not evenly distributed throughout the gold in its geological natural setting. It's not endowed equally. You know there are certain places where silver is is mined. Uh you know Mexico is the number one silver producing nation in the world. Um you know Peru and China are right behind Mexico in terms of big production. Um so finding silver is difficult you know and just to to tell you how difficult it is if we look at North America. Uh there is some silver in North America you know Idaho Nevada have historically been known for big silver endowment. Um but outside of a few places um you know it's very very difficult to find silver. Now, one of those places that hosts big silver mines is in just so happens to be in my backyard, which I I live in Vancouver. So, just north of Vancouver, about a 1 and 1/2 hour flight north to Terrace, is an area that uh we refer to as the Golden Triangle. So, the Golden Triangle is a mining district that's been operating since the 1890s un uninterrupted, and it hosts uh the Premier Mine, which was the most profitable gold mine in North America when it was operating. It hosts the SK Creek deposit, which is the greatest precious metals mine in the history of the world. And it hosts the Bruce Jack mine, which uh the world's second largest gold producer, New Pneumont, is operating. So what I've done is I've built Dolly Varden in the Golden Triangle. We've got a large land package which includes five pass producing silver mine including what was the richest primary silver mine in the district and the district has uncovered 1.2 billion ounces of silver in the last 30 years alone. So, there's a lot of silver that, you know, we've also found an additional 150 million ounces of gold in that 30-year period as well. So, my strategy has been I believe we're at a time in the world where we're moving away from globalization. We're contracting, right? were focused on, you know, you've got a president who's focused on, you know, um reshoring and uh you know, focused on by America and focused on uh making the United States um competitive uh from a from a tax standpoint and um and so I saw that trend emerging um as we've swung back from the globalization and so I thought as we move into this new era Having a project in a safe jurisdiction where you had stability where you had certainty was going to be crucial. So I stayed away from Peru. I deliberately stayed away from jurisdictions like Mexico and Argentina and I focused all of my time and my efforts in my backyard where you know I speak the same language, same time zone, same currency, I understand the laws and the geological endowment is significant. So, our company has grown as we've increased our mineral inventory through acquisitions and drilling and um I've brought about $185 million of capital into the company to accomplish those goals of building that future mineral inventory. >> The industrial sector isn't just keeping up with silver demand. It's torching every previous record. And at the center of this surge is the global push toward green technology. Solar panels alone are projected to consume 261 million ounces of silver in 2025. That's not a typo. That's nearly 20% of global silver supply going into photovoltaic cells. And it's climbing fast. Why? Because the new generation of Topcon solar panels rolling out globally use up to 50% more silver than traditional models. And with aggressive clean energy targets set by the EU, US, China, and India, production isn't slowing, it's exploding. Then there's the electric vehicle revolution. EVs need two to three times more silver than their gas powered counterparts. Between battery systems, onboard charging infrastructure, and integrated computing, every EV is a rolling silver sinkhole. Automakers aren't just buying silver, they're stockpiling it. And by the end of 2025, global EV silver demand is expected to hit 90 million ounces, a figure that was considered fantasy just a few years ago. Add to that the growth in 5G technology, smart grids, and semiconductors, and the story becomes clear. Silver isn't just a luxury, it's an essential. This industrial demand isn't seasonal, it's structural. These industries can't operate without silver and there is no viable substitute. So as governments pour trillions into infrastructure and energy overhauls, they're unknowingly accelerating a silver crisis. And when industrial demand collides with monetary scarcity, the outcome is inevitable. Parabolic price moves not from speculation but from survival. conclusion is I sought out a silver centric opportunity because I was convinced we were headed back into a time where gold was going to become very relevant. So I left the precious metals mining industry in 2011 and I started focusing on base metal mining, copper mining, zinc mining from 2011 to 2014. I came back to gold in 2014. I came back to silver in 2018 and uh and I was I was deliberate in seeking out a silver centric opportunity because not only does silver outperform gold in a precious metals bull market. But what's changed on again since the last time silver was relevant 2011 or very relevant 1979 1980 what's changed is the industrial demand for silver has significantly increased. So this next time and we're we're in it. We're we're in it right now. This next time that monetary bid comes in for silver, the the investors who are seeking safety outside of dollars and are going to look for silver to play the role that gold plays as a hedge as as as as a safety against systemic risk, as a hedge against bad government decisions, as a hedge against a fiat currency. Those monetary precious metals investors are going to be competing with industrial buyers who need the metal for solar panels, for EVs, for the military-industrial complex. There's 500 ounces of silver that go into a tomahawk missile. So, what we've seen is we've seen a 200 million uh ounce annual deficit for silver and um and so I've chosen silver and I'm convinced it is the greatest investment in this moment in ever. You know, it is the number one investment. If Dunigan, if you said, Sean, there's only one investment you could uh participate in, it would be silver. And um and I think that now we're starting to see the world wake up to this idea. You know uh the the Indian central bank is thinking about introducing it as collateral in their banking system. The RBI the Reserve Bank of India is looking to do that at a 10:1 silver to gold ratio which Dunigan would imply a silver price of $400 an ounce today. All this demand would be manageable if the world had the supply to match. But that's where the real problem begins. Because silver production isn't rising, it's falling. Despite soaring prices, global silver output dropped by 1% in 2024 and is expected to remain flat or worse in 2025. Mining companies are facing higher costs, declining ore grades, and increasing regulatory pressure. And even the most optimistic forecasts admit we're nowhere near replacing the silver we're consuming. Just look at the numbers. The industry ran a 148 million ounce deficit last year. And even though 2025's projected shortfall is slightly lower at 117 million ounces, it still marks the fifth consecutive year of deficits. That means nearly 700 million ounces have vanished from above ground stockpiles since 2021. Comx inventories down over 70% in 5 years. Recycling can't save us either. Even with a 6% boost in 2024, total recycled silver was under 200 million ounces, a fraction of what's needed to plug the gap. And the few places with high-grade potential. They're not scaling fast enough. Take Dolly Varden's mining district in British Columbia, one of the richest undeveloped silver zones in the world. Their drill results are phenomenal with some intervals showing multiple kilos of silver per ton. But even with favorable prices, it takes years to permit, develop, and extract. Meanwhile, demand never stops. This isn't just a mismatch. It's a structural collapse in the supply pipeline. Investors still think silver is abundant because the price hasn't moved like gold. But the ground tells a different story. We're digging deeper, finding less, and running out of time. When the supply crunch reaches the surface, the price won't just rise, it'll explode. Know the the soundbite I can give you is, you know, size meets grade in a safe jurisdiction. But the reality is it's far more complicated than that. The number one challenge uh investors are going to face is access. um you know, how supportive are the communities? Do you have social license? So, I think the number one thing a mining company's going to look at is are we wanted here? You know, people don't want to put their their energy in this place where they're not wanted. So the number one thing that we've done is we've done a pretty good job working with the local communities, creating jobs, um creating mutually beneficial arrangements, and so we have access and support from our local communities. We have a high-grade project that's got some tremendous infrastructure including power and roads and deep water access. So that we've got social license, we've got a high-grade deposit, we've got good infrastructure, we're located in, you know, a stable part of the world where, you know, the Canadian economy is there's a major pillar to the Canadian economy is the natural resource sector and the mining sector. And uh you know, Dunigan, uh the next time you're up here in the north, you'll see people wear t-shirts. You know, without mining, we're naked. And it's true. It's um you know, it's a it's a foundation to our economy. >> While the average investor debates whether silver will hit $60 or pull back to $45, institutional players aren't waiting. They're going allin. The smart money has already sniffed out what's coming, and their footprints are everywhere. Sprat's physical silver trust saw inflows spike by nearly 100 million ounces in just the first half of 2025. Hedge funds are quietly rotating out of gold and into silver, chasing its superior upside. And silver miners, they're on fire. Equities tied to silver exploration and production have outperformed the broader market by double digits this year with junior mining stocks posting gains of 200% or more on the back of drill results alone. Meanwhile, ComX activity has gone ballistic. Deliveries are at multi-year highs as investors bypass paper contracts and demand physical bars. This isn't about leverage anymore. It's about survival. When large players stop rolling contracts and start draining vaults, you know, they're preparing for something big. And that's exactly what's happening. Institutions understand something retail hasn't caught up to yet. Silver is a leveraged bet on monetary chaos, industrial scarcity, and geopolitical upheaval all at once. It's the only asset that can explode from both fear and progress. And right now, the world has both. Inflation isn't dead. Debt isn't going away. And the global energy transition is just beginning. In a world where volatility is the new normal, silver offers asymmetric upside with one catch. You have to be in before the crowd because once the herd catches wind of what's happening, this won't be a steady climb. It'll be a vertical leap. The strategy to execute that model, um, this is my belief. My belief is silver and gold are going to protect you from government stupidity. and um they're going to be a store of wealth. They're going to be a hedge against inflation. They're going to be a hedge against systemic risk. Now, you should go out and you should own some physical silver and gold. Now, what the mining stocks, the mining equities do is they're a proxy. They're a leverage to that underlying bullion. um the bullion's the best place to be but um where the mining stocks have a lot of performance is I'll give you an example so when when I started with Dolly Varden we had about 40 million ounces of silver estimated through our third party verification studies and that uh 40 million ounces of silver was valued at pennies an ounce in the ground today with the price rising and with our successful exploration and acquisitive uh transactions where we've acquired more silver, we found more silver and with the price rising, why our share price has gone up, why the value of the company has increased is because as that silver becomes worth more, so does the metal that we have in the grant. And so my next step in this strategy as we've grown from a $20 million business to a $500 million business as the share price has gone you know from 50 cents to $4 USD. Um the next step now is we need to start focusing on operations. So, in terms of upcoming catalysts, yes, we have more drill results coming. And I'll give you an example. On Monday, the gold price was up $100. The silver price was up over a dollar. And a lot of the mining equities were up 3%. Well, our shares were up 8% on Monday. And I believe the reason for that was because of the find, because of the discovery, because of the positive drill results. So, I have 80 more drill results coming and if they're positive, we should outperform our peers if we're adding to that mineral inventory. But to the second component there is I'm looking to try to accomplish more accretive M&A transactions. We've successfully completed five. So if you look at our there's a presentation on our website that takes you through all the results that takes you through the strategy that takes you through our place in the market. It also talks about upcoming catalysts and upcoming catalysts are those drill results but they're also more due diligence on further M&A transactions. >> Everything is converging. India's valuation shock, the military's silent accumulation, the industrial sector's insatiable hunger, and a supply chain that's already breaking. This isn't a setup for 100 silver. This is a setup for silver to leap to 400 and never look back. For decades, silver was sidelined, too volatile, too overlooked, too misunderstood. But that era is over. In 2025, silver isn't just an investment. It's a monetary weapon, a strategic asset, and the last undervalued commodity left standing. And while most of the world is still clinging to broken fiat systems and bloated tech valuations, the smartest money is repositioning. Because when silver reclaims its role as money, the rules change. This isn't a moonshot fantasy. It's a logical response to global scarcity, monetary desperation, and the reawakening of silver's true purpose. The silver apocalypse is already underway. The only question now is, will you be on the right side of it? If you want to stay ahead of this unfolding reset, make sure to subscribe. And remember, this is not financial advice. Always speak to a licensed professional before making any investment decisions.