Silver's recent rally is significant, but still lagging behind gold. Looking closely at various market analyses, the logic isn't complicated— the core issue isn't demand but storytelling ability.

Why does gold rise? Everyone knows. Central banks are buying, geopolitical conflicts are buying, de-dollarization stories are buying, and risk aversion sentiment directly leads to buying gold. The entire narrative system is perfectly complete.

Silver, on the other hand, is awkward. Industrial metals like copper, platinum, and palladium are the same— the market hasn't formed a unified understanding. It’s neither purely a safe-haven like gold nor clearly tied to the industrial cycle like copper. It’s stuck in the middle, with a narrative gap.

But that’s precisely where the story is incomplete. Data from 2024 shows that global industrial silver consumption hit a record high. Where did all this silver go? A lot was used in photovoltaic solar energy— each silicon solar cell requires 15 to 20 grams of silver. Electric vehicles, data centers, and AI infrastructure are also heavily using silver. From 2022 to 2023 alone, silver consumption increased by 60%, and it’s still growing.

In AI-related hardware, silver-based materials in data center chips and semiconductor packaging account for about 18 to 22% of electronic application consumption. This growth is especially notable, particularly in high-end applications like AI accelerators and chip stacking.

From a fundamental perspective, silver has long been more than just a traditional safe-haven asset. The growth in industrial uses is equally strong. The problem is, no one is telling this story well, so mainstream capital hasn't paid enough attention when it should have. This wave of metal price increases should have already kept pace with gold.