It's all relative to purchasing power. You can use silver to measure dollars instead of using dollars to measure silver if you want. I could measure silver in gold or either in bitcoin and avoid the dollar completely.

Perhaps there is a ton of paper silver outstanding or perhaps estimates of the amount of silver in circulation are incorrect.

Neither is inherently a fiat created problem.

At the end of the day if I go to the precious metals store in town I'll pay about $53 to get an oz of silver today. If the merchant accepted ammunition instead I could pay him in that.

These are all just market assets being compared to one another.