Silver is hardly a refuge from financial stress, as the first generation of gold bugs averred, and it hardly is a defense against inflation. It is, however, a very useful industrial metal in photography, electronics, water purification systems, and, of course, artwork and jewelry. Photography was, for years, the principal use of silver; it’s disappearing as photography is increasingly digital — and we are not about to run out of digits.

To hear its advocates, you would think the world’s demand for silver would have outstripped its supply a long time ago. But the dominant theme for silver going forward might be going back to the future — that is, a market that simply is not that interesting except for an occasional and always spectacular outburst.