Silver is out of control. It soared past $93 per ounce, hitting a historic peak, but while prices are rising, demand is being gradually strangled.

The photovoltaic industry can no longer sustain itself. Over the past year, silver's share in battery costs has jumped from 14% to 29%, a growth rate that has forced module manufacturers to team up and raise prices to save themselves. Even more aggressively, the entire industry has begun a collective "de-silvering" — leading players like Longi and Jinko are all doing the same thing: swapping copper for silver. This move may seem risky, but under the backdrop of two consecutive years of losses, they have no other choice.

The question is: can alternative materials guarantee the same lifespan for components? The answer is uncertain, but the risks are clear — warranty disputes could be the last straw that breaks the camel's back. More painfully, 17% of global silver demand comes from the photovoltaic supply chain. Once the "de-silvering" wave fully unfolds, the solid demand for silver that has been a source of pride will essentially collapse.

This is a self-destructive prosperity. Speculative frenzy pushes prices higher, but high prices in turn destroy the demand support. The more intense the bull market, the more vicious the backlash — ultimately revealing that the rapid rise itself is the best selling point.