Core Viewpoint - The article discusses the current dynamics of silver prices, highlighting the dual drivers of investment demand and industrial consumption, while questioning the sustainability of the current price levels and the fundamental changes in the silver market [4][6][8]. Group 1: Drivers of Silver Price Increase - Silver's price increase is driven by the instability of the credit currency system and the global economic shift towards re-inflation, with investment and allocation demand being the primary support for its strong performance [4][6]. - The demand for silver in the photovoltaic sector has surged from below 5% to 20% over the past five years, providing a solid foundation for silver demand, although overall industrial demand remains insufficient to support current price levels [6]. Group 2: Gold-Silver Ratio and Market Sentiment - The decline in the gold-silver ratio is a classic feature of a silver bull market, with significant fluctuations reflecting market risk appetite. A high ratio indicates strong risk aversion, while a declining ratio suggests a more favorable market outlook for silver [7]. - The current market conditions indicate that the ongoing repair of the gold-silver ratio is a normal phenomenon in the silver bull market, with a sustained increase in the ratio potentially signaling the end of the bull market [7]. Group 3: Future Outlook for Silver Market - The silver bull market is currently in an accelerated phase, with multiple factors supporting continued price strength, including inflation expectations and the dynamics of the gold-silver ratio. The overall bullish trend is expected to persist until at least the second half of 2026 [8].

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The current silver price trend shows dual - wheel drive characteristics, with the core being the increased instability of the credit currency system and the indication by the gold - silver ratio that the global economy is moving towards re - inflation [1]. - The fundamental aspect of silver is generally strong, but its strength is mainly based on investment and allocation needs rather than consumption - based demand [1]. - New industrial demands, especially the explosive growth of photovoltaic demand for silver, form the base of silver demand, while financial factors are the leading force in the incremental demand for silver [1]. - The gradual repair of the gold - silver ratio is a core feature of each silver bull market, and it also measures market risk preference this year [2]. - The silver bull market is in the middle - to - late stage, but there are still many factors supporting the continued strengthening of silver prices, and the strong price state will last for a long time [2]. Summary by Related Questions 1. Core drivers, sustainability, and fundamental changes of silver price increase - The core drivers are the instability of the credit currency system and the indication of re - inflation by the gold - silver ratio. The fundamental aspect of silver is strong, and the strength comes from investment and allocation needs [1]. 2. Roles of new industrial and financial factors in silver demand - Photovoltaic demand has increased from less than 5% to 20% in the past five years, forming the base of silver demand. Financial factors are the leading force in the incremental demand [1]. 3. Nature of the gold - silver ratio repair - The repair of the gold - silver ratio is a core feature of the silver bull market and measures market risk preference this year. When market risk aversion eases, the gold - silver ratio decreases, often leading to an independent silver market [2]. 4. Stage of the silver bull market - The silver bull market is in the middle - to - late stage in terms of time, but there are many factors supporting the continued rise of silver prices, and the strong price will last for a long time [2].