Let's talk about why gold and silver keep rising in price.

You can think of gold as a form of "insurance recognized globally." The world is currently unstable, and people are feeling uncertain, so many central banks are making large purchases of gold to ensure a reliable foundation for their finances. Additionally, with the possibility of interest rates falling in the U.S., the interest earned on money in banks is decreasing, leading more people to prefer holding onto gold. Therefore, the rise in gold prices is mainly driven by a desire for security and value preservation.

Silver is different; it is more like a combination of "insurance" and "high-tech raw materials." When gold rises, silver tends to benefit from it. But more importantly, current technologies like photovoltaic solar panels, AI servers, and electric vehicles all require silver, and the demand is significant. It's as if suddenly everyone needs a specific type of metal component, causing an explosive surge in demand. However, the problem is that silver production cannot quickly keep up; much of it comes as a byproduct of copper and zinc mining, and you can't just increase production on demand. This creates a situation of "not enough supply," leading to rising prices.

Currently, the price of silver compared to gold appears to be a bit "too expensive," and historically, such situations can lead to corrections. Moreover, high prices have already prompted some factories (like photovoltaic panel manufacturers) to consider reducing their silver usage and looking for alternative materials. Therefore, the future trend of silver prices will depend not only on gold's fluctuations but also on the actual demand for silver from these high-tech industries.

The rise in gold prices is because the world needs a "ballast"; the rise in silver prices is because the world needs "industrial vitamins" even more. One focuses on storytelling (global macro and confidence), while the other emphasizes practical application (real industrial demand).