Yep. Not only that, but after the overshoot levels off, those spikes are basically just to account for inflation. Over any substantial length of time, there is no real significant growth in the metal's value in terms of buying power. Unless the precious metal owner can sell in the in the very peaks of the spike (overshoot), they really aren't making any substantial value increase. The same slight value increase is seen if they can luck out and buy right before a spike. Sure, they will make more dollars than they likely bought the silver or gold for, but with interest adjustment, they are gaining little or no real value. To explain that: An ounce of gold or silver bought in 1975 for $100 or $3 (pick almost any year you want, even right before spikes) and sold this 2018 year for $1200 or $15 may seem like awesome gains, but it's really not as great as it sounds. If you consider it in how many gallons of gasoline or how many loaves of bread or how many months of electric bill or packs of cigarettes or etc etc etc one ounce of silver silver buys then and now, that hardly changes. You can also consider the old example that a 1oz gold coin buys a good Roman outfit of toga and sandals... or a comparable good business outfit + shoes in any more modern time. PM are a good store of value and a hedge against inflation, nothing more. ...I agree that a young guy needs mainly growth potential (and liquidity, in case another better investment opportunity arises). Precious metals are about the worst choice for those attributes. That's not to say they can't be a portion of the portfolio, but they're definitely not ideal as the main component of anyone's portfolio, esp a younger person.