Silver's recent rally is quite fierce. Judging by its surpassing Microsoft and directly catching up with the fifth-largest global market cap, this is not just a fluctuation in metal prices; it reflects a certain shift in investor expectations about the economic outlook. This year, silver has surged over 125%, leaving many mainstream assets far behind.

To understand why silver is rising so quickly, we need to look at its role in real industries. The demand for silver in solar energy and electric vehicles continues to grow. Its excellent thermal and electrical conductivity makes it a critical component in these supply chains. As demand heats up, the supply side faces pressure, naturally pushing prices higher.

However, the phenomenon of both gold and silver rising together indicates that market risk aversion has been steadily increasing. Expectations of rate cuts for the US dollar, yen rate hikes, and volatility in tech stocks—all these factors introduce uncertainty into the market. You can clearly sense that capital is planning speculative moves, while genuine investment confidence is actually loosening. This shift is directly reflected in the crypto market, characterized by ongoing volatility and uncertainty. In the short term, fluctuations across various assets can only be understood as the market searching for direction, rather than signaling a confirmed trend.