Silver - the most undervalued commodity?

Silver appears to be one of the most undervalued commodities. There has been more silver consumed than produced for the last 14 or so years, leading to declining stockpiles. Eventually the "invisible-hand" of the market will have to intervene.

Silver is interesting because it can go up due to fundamentals as well as market hysteria, and its downside should be limited given its intrinsic value as an industrial metal. As a comparison - what is the intrinsic value of gold?

There are twice as many above ground ounces of gold as silver, and the value of the available gold is over a hundred times as the value of the available silver. The reason is most of the above ground silver has been consumed by industrial applications. The declining stockpiles, supply/demand deficit, increased investment interest in precious metals, as well as the growing number of uses for silver, should lead to a significant increase in the value of silver.

Articles on Silver

The Undervalued Asset Looking For A Catalyst Provides a good case for a silver bull market
The Smartest Money Has chart showing that there is more available Gold Bullion than Silver Bullion