#BTC对标贵金属的竞争格局 The recent trend in silver is really quite intense.

Spot silver on the 23rd surged to around $70, with an intraday increase of 1.45%. A look at the ledger makes it even clearer—silver rose by 142% last year, far surpassing gold's 70% increase, and even more rarely, a situation where "silver is more expensive than oil" has occurred, something not seen for 45 years.

The logic behind it is actually not complicated. On one hand, global liquidity easing and risk aversion expectations are still fermenting, which supports the valuation ceiling for precious metals. But what really drives this is the demand for real gold and silver from the industrial sector - the thirst for silver in photovoltaic, new energy, energy storage, and electronic industries has completely rewritten its value focus. It has transformed from a purely safe-haven asset into a dual-purpose variety that combines both monetary and industrial attributes.

So here arises an interesting discussion: Can silver surge to 100 dollars?

From now on, it should not go straight up all the way - the market will always have pullbacks. But the direction is certain. On one side, the global interest rate cut cycle has not fully unfolded, and the geopolitical situation is still fermenting; both of these are long-term supports for precious metals. On the other side, the photovoltaic installed capacity is still expanding, the sales of new energy vehicles have not peaked, and the energy storage industry has just started. As long as these two main lines remain stable, silver can slowly elevate its midpoint amid fluctuations, gradually exploring higher from the new starting point of 70 dollars.