In 1980, the major precious metals (gold, silver, platinum and palladium) made historic highs. Today, they all, but silver, have exceeded those highs. In addition, all industrial metals have made new historical high prices. The same can be said about energy and agricultural commodities. Only silver is far below its historic price highs.
In comparison silver is cheap, relative to almost every other commodity. Relative cheapness is the first analytical test for a long term value investor. If a prospective asset can’t be called cheep on a relative basis, a true investor won’t be interested in that investment. In 1980 silver wasn’t cheap but today it’s the cheapest asset around except maybe some distressed vacation properties in Florida.