Silver's recent market performance is simply out of control — this year's gains have already doubled, pushing gold behind by 150 percentage points. Last week, silver spot trading volume surged to $21 billion, the highest in nearly 15 years. Keep in mind, that week was Christmas holiday, when market participation should have decreased, but instead, it was incredibly crazy.

However, from the beginning of the year to now, the total net inflow into silver has been only $3.4 billion, which isn't particularly exaggerated. In comparison, gold has attracted $23 billion in inflows this year, and Bitcoin spot trading products have drawn in even more, with $25 billion flowing in. This indicates that although silver has been in the spotlight recently, the major capital allocation still favors traditional safe-haven assets and emerging financial tools like Bitcoin. The short-term hype and medium-term capital patterns are indeed somewhat disconnected, and how this will develop next depends on how sustainable this buying momentum is.