#数字资产市场动态 The recent rally in silver is, frankly, not driven by hype but the result of several major factors stacking up.

Let's look at the first point: the role of silver is changing. It used to be just a precious metal and a store of value, but that's no longer the case. The explosive growth of industries like photovoltaics, new energy, and AI computing power has made silver an indispensable material for conduction, heat transfer, and precision manufacturing. The faster technological iteration accelerates the demand for silver, which alters the fundamental supply and demand logic.

From the supply perspective, the growth rate of global silver production has always been slow. The key point is that most silver is a byproduct of copper, lead, and zinc mining. Want to ramp up production quickly? It's not that easy. Plus, the policy directions of major silver-producing countries are uncertain, leading the market to anticipate tighter supply and an increasing "shortage expectation."

On the macro level, expectations of interest rate cuts are a major push. As the dollar depreciates, capital naturally flows into physical assets and precious metals. Silver is more elastic than gold—during periods of liquidity easing, its price often surges more sharply.

Another factor is the concentrated release of a rebound. Gold has already surged long ago, but silver has been lagging behind, pushing the gold-silver ratio to a record high. Capital will definitely seek undervalued assets, and silver has become a key allocation target.

That said, silver itself is highly volatile. This rally has been very rapid, and the risk of a short-term correction is significant. For investors, don't just chase emotions; understand the true logic behind the market. Participate rationally with proper risk management, and don't be scared off by short-term fluctuations.