The recent surge in silver is driven by core factors highly consistent with gold, but with greater volatility:

1. Dominant Logic: Like gold, it is mainly driven by expectations of a shift in the Federal Reserve's monetary policy. The strong market expectation for interest rate cuts suppresses the dollar and U.S. Treasury yields, while silver, as a non-yielding asset, sees a significant boost to its financial attributes. Due to silver's greater speculative nature and smaller market size, its sensitivity to interest rate expectations is usually higher than that of gold, resulting in more pronounced price increases.

2. Industrial Properties Boost: Unlike gold, silver has about 50% industrial demand (photovoltaics, electronics, etc.). The global manufacturing recovery expectations and macro narratives like the green energy transition provide additional upward support for silver, creating a "financial attributes + industrial attributes" dual drive. #白银