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The classic stocks-vs-precious-metals comparison, run with silver instead of gold. The S&P 500 line is total return (dividends reinvested) so the comparison is apples-to-apples on long horizons. Silver's industrial demand makes its line jagged compared to gold's — toggle the gold series on to see the contrast.
Rarely. Silver had a spectacular 2009-2011 run that briefly closed the gap, and the 1979-1980 Hunt Brothers spike, but across most multi-decade windows the S&P 500 with dividends compounds faster. The chart shows the receipts.
Comparing the price-only S&P understates equity performance by a third — dividends are most of the long-run return. Total return is the honest comparison.
2011 onward — silver fell from ~$48 toward ~$15 while the S&P doubled. Toggle the 10Y range to see it cleanly.
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