Silver briefly surpassed the $80 mark last night, making it the standout performer of the year. Despite the prominence of Nvidia and gold, their achievements pale in comparison to silver — which has already gained 140% this year.

Why is silver so resilient? The key lies in its dual identity. As a precious metal, silver has financial attributes; more importantly, it is also an industrial metal with solid market demand in manufacturing, photovoltaics, electronics, and other fields. This means it is not just a safe haven asset but also a tangible consumer product.

Looking at supply and demand makes it clear. From now until 2030, the silver market faces a supply gap of approximately 50 million ounces, a long-term and large-scale deficit. Similar situations can be seen with copper. The supply-demand imbalance is expected to persist for several more years, which provides the fundamental support for its price increase.