#代币化白银热潮 The Core Driving Factors of the Silver Boom (2025-2026)

1. Explosive Growth in Industrial Demand (accounting for over 60% of total demand):

- Photovoltaics: Each solar panel uses about 15-20g of silver, with demand increasing more than 1.6 times over the past 5 years, and silver used in photovoltaics is approaching 200 million ounces by 2024-2025.

- New Energy Vehicles: Each electric vehicle uses 25-50g of silver (1.5-2 times more than gasoline vehicles), with demand continuously rising.

- AI/Computing Infrastructure: AI servers, 5G base stations, high-frequency PCBs, and chip packaging require silver with extremely high conductivity (the highest conductivity metal on Earth). Many joke that "AI is melting silver," with data centers and supercomputers becoming new "silver mines."

2. Severe Rigidity on the Supply Side:

- Global silver has faced structural deficits for 5 consecutive years, with the gap reaching a record in 2025 (close to 300 million ounces), and it is expected to continue expanding in 2026.

- Over 70% of silver is a byproduct of lead-zinc-copper mining, making it difficult to rapidly increase production regardless of price.

- Inventory levels are extremely low, COMEX/LBMA spot selling is scarce, and there is significant pressure for physical delivery, leading to a serious decoupling between "paper silver" and physical silver.

- China will implement silver export controls starting in 2026, further tightening global liquidity.

3. Financial + Safe-Haven Attributes Combined:

- Federal Reserve interest rate cuts + inflation expectations → liquidity overflows into commodities.

- Under the trend of de-dollarization, central banks/institutions are strategically accumulating silver (no longer just the "poor man's gold").

- The gold-silver ratio has significantly compressed, and silver is entering a strong recovery phase relative to gold.

4. Market Sentiment and Short Squeeze:

- Increased futures leverage, paper silver credit crisis → bullish without counterparties, leading to extreme premiums.

- Physical ETF holdings have surged, with low recovery rates (silver used in photovoltaics is almost non-recyclable).