#美国证券交易委员会代币化股票交易方案 Silver hits a new high again, can this rally still be chased?

Last night, spot silver exploded, soaring 10% in one go. How many times has it broken a new high—$79 per ounce? This year, silver has surged by 173%. Honestly, these numbers are a bit crazy.
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What’s really behind this? It all boils down to a few key factors:
**First, physical supply is truly tight.** The market is showing a clear structural shortage, with strong demand for spot delivery, which is the main support pushing prices higher.
**Second, industrial demand has picked up.** Solar, AI data centers, and other sectors consume silver. Rigid industrial demand, combined with investment enthusiasm driven by inflation expectations, is driving both sides—dual forces.
**Third, macroeconomic factors are favorable.** The Federal Reserve may cut interest rates, the dollar is weakening, and geopolitical risks haven't eased, making precious metals like silver naturally more attractive as safe-haven assets.
Risk warnings should be taken seriously—domestic exchanges have already raised margin requirements, indicating the market is somewhat overheated. Analysts also say that by 2026, silver’s upside potential could be even greater than gold’s, but short-term volatility has increased significantly. Bottom-fishing should be cautious; don’t focus only on returns and ignore risks.