Silver: precious but not safe haven
Silver is often grouped with gold as a “precious metal” — but that label can be misleading. Unlike gold, silver is not a safe haven. It behaves more like a cyclical asset, driven by industrial demand rather than financial stress. With roughly half of global demand coming from sectors like electronics, solar panels, and electric vehicles, silver is deeply tied to economic growth and the energy transition.
That makes its price sensitive not just to macro conditions and interest rates, but also to the US dollar and broader commodity cycles. On top of that, supply dynamics are complex, as most...