Higher price points cause demand distruction. Two years ago silver was less than $12 an ounce. At $44 you have less demand than you would have at less than $12.
the money supply has grown. We all know that. The question is how much has it grown since last fall? Because silver has more than doubled in price, and no one is talking about the money supply doubeling since last fall.
Demand destruction does not always work for investments. This is because investors tend to chase investments that are going up. It is called going with the trend. The higher an investment goes up the more people want to invest in it. Most bubbles are created this way.
But gold and silver being mostly monetary metals are not bubble type assets, they are currencies and trade as such.