Silver surges, why is Elon Musk getting anxious? Because it is no longer just a "cheap version of gold," but the "industrial blood" that holds the global tech sector hostage.

Photovoltaics, new energy vehicles, AI servers—these future industries are heavily dependent on silver. Its conductivity and heat dissipation performance are irreplaceable; this is not a price issue, but a matter of performance and safety bottom line. The silver used in new energy vehicles is more than three times that of fuel vehicles, and the pursuit of zero signal latency in AI computing makes silver an essential necessity.

However, there is a deadlock on the supply side: 70% of global silver is a byproduct of copper, lead, and zinc mining, and its output depends not on silver prices but on the main mineral market. Meanwhile, industrial giants are hoarding supplies, and India is paying for energy imports with silver, all疯狂消耗库存. Silver inventories in New York and London have decreased by 40%-70% since 2020, with local spot supplies only enough for 30 days.

China’s new export control policies have further worsened the global shortage. The deficit has already exceeded 3,600 tons in 2025 and may expand to nearly 8,000 tons in 2026. Silicon Valley giants may face not high prices but the outright inability to purchase supplies in the future.

In the short term, industry reshuffling is inevitable, and automakers may prioritize maintaining high-end models. Long-term solutions depend on technological breakthroughs—either developing "de-silvering" solutions or major players directly buying mines.

Ordinary people should remember: silver’s volatility is 2-3 times that of gold, earning it the nickname "devil’s metal." This storm concerns the lifeblood of technology but is definitely not a speculative game that ordinary people can easily control.

What do you think about this silver crisis? Share your thoughts in the comments.