Self-proclaimed professional investor for many years, but the investment returns are actually worse than what my wife casually spends on gold and silver jewelry. The heartbreaking part is that silver has nearly quadrupled this year so far, how can anyone withstand that?

Why is silver so fierce? Behind this seemingly simple question lies the logic of the global industrial chain. Most people don’t know that the majority of the world's silver production is not mainly mined from silver mines. The reality is that the bulk of silver comes from by-products of copper and lead smelting—copper and lead are the target products, and silver is just a by-product.

This determines a hard constraint: no matter how expensive silver is, as long as copper does not significantly increase production, the supply of silver cannot grow substantially. The capacity ceiling is right there.

More importantly, the global refined silver landscape. According to statistics, over 60% of refined silver worldwide is produced in China. The previous logic of international trade was straightforward—countries send raw silver ore to China, China smelts it and supplies it globally. This model is like a complete industrial chain.

Looking back now, many investment logics may need to be re-evaluated. Opportunities in commodities often lie not in the surface numbers but in those overlooked details of the industrial chain.