Good explanation Golf, just to add long term projections usually take rationale steady increase into account i.e. copper price BUT no one can predict the magnitude of what's coming with silver and gold.

We are talking 3 to 4 time increase in spot price especially silver, where delivery of physical is currently becoming an issue but hasn't hit mainstream media yet. Perth Silver can't deliver physical to their clients SLV has recently put in a disclaimer that parties wanting delivery may have to wait a year to see it. toyota recently shut down their factories in the US because of delivery issues on supplies. Expect the same from Electronic companies in the upcoming months that need silver to make their products. You can throw out "long term consensus projections" out the window if that happens.

IMHO