Crushing gold and outperforming crude oil, silver has become the brightest "dark horse" of 2025.

On December 23, spot silver first stood near $70, rising another 1.45% during the day, adding fuel to this year-end market trend. Looking at the whole year, silver's increase reached 142%, far surpassing gold's approximately 70% rise, and marking a rare occurrence of silver being more expensive than oil for the first time in 45 years.

Supporting all of this is not just monetary easing and risk aversion, but also strong industrial demand—the rigid demand for silver in fields such as photovoltaics, new energy, and electronics is redefining its pricing logic. The market is beginning to seriously discuss a question: Does silver have a chance to surge towards $100?

Looking ahead, the trend for silver is unlikely to be a straight line upward, but the direction and mainline are already very clear: on one hand, global interest rate cut expectations and geopolitical turmoil will continue to provide a premium for precious metals based on their "monetary attributes"; on the other hand, the expansion of industries such as photovoltaic installations, electric vehicles, and energy storage will continuously increase silver's "industrial attributes". As long as these two main lines do not reverse, silver has the opportunity to steadily rise in the fluctuations, stepping from the "new starting point of $70" towards higher price ranges step by step. #比特币与黄金战争