Silver futures surge 5.44% in a single day, what's next? A brief pause for breath, then continue climbing.

In the face of this rally, operations like London interbank lending positions, Shanghai air cargo spot rescue, New York directly unplugging the internet cable, and offline emergency negotiations—these actions can at best delay things for two months. If we get through this year, what about next year? You want to borrow silver, but the question is: from whom?

The silver market is too small. The annual production is only 28,000 tons, and even with a 110% increase this year, the total market value is just over 300 billion RMB. Hot money around the world can easily flow out, and silver prices can soar immediately.

Once an upward cycle begins, more and more people will stockpile, and market liquidity will shrink accordingly, intensifying the supply and demand contradictions.

Even more concerning: 80% of silver production comes from associated minerals—by-products of lead-zinc mining and gold mining. In other words, no matter how crazy the silver prices go, production will struggle to keep up.