Gold / silver ratio hit an all-time high above 124 points almost a year ago, and since then, the silver market has separated from gold. However, the ratio has now returned to historical norms, around 65 points, which is almost 50% below all-time highs.

But according to Phillips Baker, CEO of Hecla Mining, the largest silver producer in the United States, silver is just beginning to move. He even dared to call it a new techno metal, as industrial demand for the commodity continues to grow.

"Silver is in a position that it has never been in before. It is not because of the pandemic nor because of the fiscal and monetary incentives that we received, "Baker said.

Baker said the world's push to decarbonize the global economy by developing clean, renewable energy to produce more electric vehicles will be an important pillar for silver. He said that over the next 20 years, demand for the metal may rise to 600 million ounces.

"Silver is a truly unique metal. It has characteristics that no other metal has, "he said.

Not only is demand projected to continue to rise, but supply is also nearing its limit. Since there were no new mine developments in recent years, supply may not be enough to meet demand in the coming years.

Nevertheless, Baker promised that Hecla will remain as the leader in silver production, stressing that it produces about a third of all US silver.