The investable silver market is roughly eight to nine times smaller than the gold market by value. The London Gold Pool existed to defend the $35 peg by supplying gold into the market whenever prices rose. Following the removal of silver from US coinage in 1965, silver prices rose nearly 49% in 1967, while gold remained artificially capped. Historically, a 1.0% increase in M2 corresponds to roughly a 0.9% rise in gold prices over time. With silver prices up more than 16% recently and now above $84/oz, the project economics have moved from robust to exceptional.