By the end of 2025, silver has surged to around $71 per ounce, with an annual increase of over 120%. During the same period, gold also performed well, rising about 60%; Bitcoin's story is even more dramatic, soaring from 126,000 in October to 87,000 by the end of the year.

Interestingly, in this round of market, silver's performance clearly outpaced traditional safe-haven asset gold. What is the underlying logic behind this?

**The macro environment has opened the door**

In 2025, global monetary policy has been notably accommodative, with the Federal Reserve cutting interest rates multiple times, directly lowering real yields. Meanwhile, the US dollar is also weakening. Remember this formula: low real interest rates + inflation expectations still present = the best era for hard assets. Gold rising from 2,600 to 4,500 is actually not hard to understand.

**But silver is different**

Gold mainly benefits from a safe-haven premium, while silver, in addition to its safe-haven attributes, can also participate in economic expansion cycles. Historically, whenever the economy warms up, silver always outperforms gold—it is not only a store of value but also an industrial necessity. This dual nature determines its explosive potential in cyclical markets.

**Industrial demand is the real engine**

In the structure of silver consumption, industrial use accounts for nearly half, and this proportion is still rising. The biggest growth comes from three areas: solar power generation, electrification upgrades, and electric vehicle adoption. An electric vehicle requires about 25 to 50 grams of silver, far more than traditional fuel vehicles. The infrastructure for charging stations, fast charging, and other facilities also consumes a large amount of silver. This is the core driving force behind this market rally.