Silver prices have indeed been fierce in this round of market movement. Since the beginning of the year, it hasn't calmed down much, and recently, it has been surging all the way up. Even the German Ministry of Finance has been forced to cancel this year's Christmas commemorative coin issuance plan—stockpiled silver simply isn't enough. What is really going on behind this? In simple terms, it's a tug-of-war between two forces.

On one hand, genuine demand is driving the market. Industries such as electric vehicles and semiconductor chips are demanding more and more silver, but supply can't keep up with the pace. Additionally, with rising trade tariff expectations, companies and traders are stockpiling as a form of self-protection, and retail speculative funds are also following suit, rushing in en masse.

On the other hand, there are concerns about asset allocation. The Federal Reserve is calling for rate cuts while simultaneously buying bonds. The market sees this and wonders—are they about to "print money"? If so, the pressure for fiat currency devaluation increases. As a result, many are shifting their focus to precious metals, viewing silver as an insurance policy to prevent their assets from shrinking.

Interestingly, every time silver experiences a huge surge in history, it hasn't ended well. Instead, it often crashes violently, with volatility enough to wipe out fortunes—this phenomenon is called the "Widow Maker" in the industry. But today’s market is both excited and anxious; no one can really say when this wave of enthusiasm will end. That missing Christmas commemorative coin might just be the most ironic witness to this crazy era.