Group 1 - The core driving force behind the rising silver prices is no longer hedge funds, but rather the increasing physical purchasing power globally [1] - The current silver market trend is characterized by "tight supply" rather than "financial speculation," reshaping the global silver market dynamics [1][8] - There is a significant shift in the flow of silver, with substantial quantities moving from London to Asia, particularly South Asia, where demand remains strong despite high prices [3] Group 2 - Industrial users are changing their inventory management strategies, moving from "just enough" to "must have," leading to proactive stockpiling of silver [3] - The mining sector cannot quickly address the supply gap, as it typically takes over ten years to bring new mines into production [4] - The structural transformation in investment demand is evident, with a significant portion of silver being held in custodial accounts and not returning to the market, tightening available supply [5] Group 3 - Silver is increasingly seen as a long-term reserve asset, influenced by macroeconomic uncertainties that also affect gold [6] - The price ratio between silver and gold is expected to converge, indicating that silver is being pushed back into a position of being undervalued [6] - The global silver market is undergoing a deep structural reset, entering a new era dominated by physical demand, with unprecedented importance placed on physical silver [8]