This round #银 and #稀土 such key minerals may not follow traditional cyclical logic.

Although the high price of silver may suppress solar energy demand and shift the energy structure towards coal/gas/generators, silver is also a critical material for the military industry.

Military demand is extremely insensitive to price; having a military advantage won't stop purchases just because prices are high. More critically, demands from EVs, autonomous driving, robotics, drones, and military rebuilding are all exploding at the same time, with both the US and Europe replenishing military supplies and ammunition stockpiles being very low.

Therefore, even if these key minerals rise to 125, 200 and then retract to 100, it will be very difficult to see a significant collapse; unless energy prices rise to a level that directly halts AI development, the overall commodities market will not easily crash.

The only thing that has started to show significant impact now is actually #太阳能 this line.