TSI editor’s note: In an update for the Morgan Report, David Morgan looks at the historical price levels of silver to try to show that silver at the current spot price appears dramatically undervalued compared to long-term historical valuations. Morgan asks “Is it too late to buy silver? The answer is no, it is not––not by a long long ways.” Morgan then discusses Exter’s pyramid stating that physical silver, like gold, is an asset with no counterparty risk in a liquidity crunch.