Since this year, the price of silver has been rising, and the increase has even surpassed that of the traditional “safe-haven asset” gold. Behind this year's sharp rise in silver is the result of multiple factors, such as cultural and festive consumption, strong demand from the industrial side, and continued tight supply. First, India, the world's largest consumer of silver, has surged in demand this year. According to reports, India consumes about 4,000 tons of silver every year, mainly for jewelry, utensils, and accessories. India relies on imports for around 80% of its silver, and the UK has long been its biggest supplier. As demand in India rose sharply, market pressure quickly spread to London. At one point, the market was so tight that some traders had to use airplanes instead of cargo ships to transport silver to complete deliveries, and overnight borrowing costs were once pushed to 200% per annum. Another major structural factor driving silver's strength is its industrial use. Silver has the highest thermal conductivity and electrical conductivity of all metals. The analysis points out that although the supply of silver has always been greater than industrial and consumer demand in the past 89 years, this pattern has recently been reversed. Finally, the supply side of silver is also under pressure. According to the “2025 Global Silver Survey” published by the World Silver Association, global silver production has continued to decline over the past ten years. Industry insiders pointed out that only about 28% of the world's silver minerals come from “main silver mines,” and most of the rest are by-products of copper ore or gold ore. Regarding future trends, BNP Paribas predicts that the price of silver may reach $100 per ounce by the end of next year.

Since this year, the price of silver has been rising, and the increase has even surpassed that of the traditional “safe-haven asset” gold. Behind this year's sharp rise in silver is the result of multiple factors, such as cultural and festive consumption, strong demand from the industrial side, and continued tight supply. First, India, the world's largest consumer of silver, has surged in demand this year. According to reports, India consumes about 4,000 tons of silver every year, mainly for jewelry, utensils, and accessories. India relies on imports for around 80% of its silver, and the UK has long been its biggest supplier. As demand in India rose sharply, market pressure quickly spread to London. At one point, the market was so tight that some traders had to use airplanes instead of cargo ships to transport silver to complete deliveries, and overnight borrowing costs were once pushed to 200% per annum. Another major structural factor driving silver's strength is its industrial use. Silver has the highest thermal conductivity and electrical conductivity of all metals. The analysis points out that although the supply of silver has always been greater than industrial and consumer demand in the past 89 years, this pattern has recently been reversed. Finally, the supply side of silver is also under pressure. According to the “2025 Global Silver Survey” published by the World Silver Association, global silver production has continued to decline over the past ten years. Industry insiders pointed out that only about 28% of the world's silver minerals come from “main silver mines,” and most of the rest are by-products of copper ore or gold ore. Regarding future trends, BNP Paribas predicts that the price of silver may reach $100 per ounce by the end of next year.