The silver market faces a historic turning point: institutions are pouring in, driven by surging demand from green energy and the military sectors.

(1) Peter Krauth, author of "The Great Silver Bull Market," points out that the silver market has emerged from the "stealth phase" and entered an era of widespread recognition, now attracting institutional capital at the tens of billions of dollars level. Large Canadian hedge funds are actively seeking to allocate mining stocks, but face difficulties due to a lack of professional expertise. (2) Industrial demand for silver is undergoing a structural shift: solar energy and battery storage are providing long-term support, with Rystad Energy predicting that new global battery storage installations will exceed 130 GW in 2026; at the same time, global military spending has reached $2.63 trillion, and the strategic demand for silver in advanced weapons production continues to rise. (3) Global pricing power is shifting from the West to the East: starting April 1, 2026, India will use domestic prices for silver ETF pricing and will allow banks to accept silver as collateral for loans. Krauth warns that if Western exchanges are unable to meet physical delivery requirements, the market could spiral out of control. (4) In terms of valuation, large silver producers are trading at 2 times net asset value, higher than gold producers at 1.3 times, while silver development companies are only at 0.2 times. As silver prices remain high, producer profit margins have reached about 78%, but stock prices have yet to fully reflect these fundamental changes.