Recently, the silver and precious metals markets have completely exploded. From short videos to social media platforms, discussions about accumulating silver and speculating on板料 are everywhere. Even small retail investors are excited about gains from just a few tens of yuan, as gold, silver, copper, and aluminum prices surge together. In contrast, crude oil remains stuck at the bottom, highlighting a stark difference.

However, upon closer inspection, this round of market activity is truly different from previous speculative bubbles. There is real fundamental support behind it—on the industrial side, "hunger without choice" meets supply-side "no rice to cook." Emerging industries such as photovoltaic, AI chip cooling, and new energy batteries are voraciously consuming silver, and global silver supply has experienced structural deficits for four consecutive years, with inventories rapidly depleting. This is not hype for no reason but driven by genuine demand.

The problem is that market sentiment has far exceeded the fundamentals. A certain domestic silver fund has experienced absurd phenomena: due to an influx of capital, the on-market transaction price once surged nearly 70% above the fund’s true net value. Some are engaging in arbitrage games of "off-market low-price subscriptions and on-market high-price sales," earning over 300 in profit with just @E5@500 principal in a few days. This "hot potato" game always rings alarm bells.

From historical experience, when everyone is discussing a certain asset, it often marks the turning point from market enthusiasm to madness. After this round of狂欢 in precious metals, the quickly flowing funds are very likely to turn and seek the next hot spot. The continued sluggishness of crude oil further illustrates the problem—current upward momentum is clearly speculative rather than driven by comprehensive economic fundamentals.

The long-term industrial logic for silver indeed holds, but the short-term emotional temperature is already scorching. To participate in this wave, you need to distinguish whether you are just riding the trend for short-term trading or genuinely optimistic about the long-term prospects. More importantly, pay attention in advance to where the next round of capital flow will shift—some people are just watching this狂欢, while smarter ones are preparing for the next step in asset allocation.