Ewa Manthey, a commodities strategist at ING, pointed out that silver's strong break above $110 was mainly due to continued safe-haven inflows and robust industrial demand. A weaker dollar, declining real yields, and increased policy uncertainty have all boosted investor demand for hard assets, supporting silver prices. Furthermore, a historic short squeeze and strong retail buying also contributed to the price increase. Meanwhile, industrial demand—particularly from investments in solar, electrification, and grid infrastructure—has led to tight supply in the spot market, while mineral supply growth remains limited. Despite these risks, the overall situation remains favorable. Strong industrial demand, tight spot supply, and strong investor interest will continue to support the market. (Jinshi)