The Contrarian Capitalist Podcast Ted J Butler - The Case for Silver Miners Over Silver
Jan 16, 2026
Ted J Butler, an independent analyst and advocate for sound money, shares his deep insights on silver and mining. He discusses why silver miners may offer better returns than holding silver itself, highlighting improved profit margins with rising prices. Ted also delves into recent political shifts in Latin America and the implications for mining investments. He emphasizes the importance of jurisdiction selection for miners and explores bearish signals for silver while forecasting price volatility. This conversation is packed with valuable takeaways for investors!
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Field Visits To Key Silver Projects
- Ted visited Mexico and Argentina recently and met management teams and projects on the ground.
- He inspected Abra Silver, Argenta, Kootenay Silver and Mineraum to assess resources and drill programs.
Miners Offer Greater Leverage Than Physical Silver
- At current prices mining margins have become exceptional, often 60–80% at a $90 silver price versus $20–25 all-in costs.
- Ted believes miners are more leveraged to upside than physical silver now that the metal is closer to fair value.
Look For Low All-In Costs
- Do not assume silver must stay at $90 to be profitable; many miners are profitable at much lower prices.
- Focus on companies with all-in costs well below current prices to ensure resilience during corrections.