Today a gold bug told me silver was undervalued because it comes out of the ground at a ratio of 15/1 with gold.

Based on his logic silver should be close to $300 per oz.

This is like saying that some shitcoin should be priced at it's issuance ratio with Bitcoin regardless of the premine.

I told him to look at the market cap, which was at a ratio of about 4/1.

Which means silver is terribly overvalued and in order to maintain the current ratio, gold would need to 3X with silver staying the same price.

Obviously the same logic applies to bitcoin vs gold, but this guy could not follow what I was saying on the first step.

Nothing makes me more bullish than talking with someone like this.