It has thus become the best commodity of the year, and many are already speculating that the movement could turn into a short squeeze capable of taking metal to $100. But the real question isn't how far it will go. The question is: is this hype or fundamental?

Silver has risen more than 80% in 12 months, outperforming gold, natural gas, and copper. This is not an isolated or speculative increase. It is a historic repricing of a metal that spent decades too cheap for the strategic role it plays.

Unlike the price surges of 1980 and 2011, today's increase is not born from panic or manipulation. It arises because the global industry needs more silver than the world can produce. We are not facing euphoria. We are facing physical scarcity.

The solar industry alone will consume more than 424 million ounces of silver by 2030. That's equivalent to 40% of the current global annual supply. Without silver, there is no efficient solar energy. Without solar energy, the energy transition collapses.

Electric vehicles, AI, data centers, robotics, and advanced batteries also rely on silver. Some new battery models may contain up to 1 kilogram of silver per car. It is not possible to replace this metal with the same conductivity, stability, and durability. There is a silver shortage.

At the same time, global stockpiles disappeared. London is dry, traders have had to transport bars by plane, and the cost of borrowing silver has reached 200 percent per year. This is a sign of a physical squeeze, not digital speculation.

Another factor accelerated everything. The United States has just included silver on its official list of critical minerals. Now the metal is treated as a strategic resource. This changes the dynamics of exports, stockpiles, and industrial incentives. Silver has become a matter of sovereignty.

The problem is that production can't keep up. Only 28% of the silver extracted worldwide comes from dedicated mines. The rest is a byproduct of zinc, lead, gold, or copper. Even with high prices, there isn't enough supply to grow quickly.

So the current movement isn't just a short squeeze. It's the end of decades of financial repression in a metal that was treated as cheap jewelry while, in practice, becoming an essential ingredient of the digital economy and the energy transition.

Hype is when a price rises without foundation. What's happening with silver in 2025 is the opposite. The price is only beginning to reflect a technological and energy reality. If the world truly moves towards green and AI, the future doesn't ask if it will reach 100. It asks when.