First, the influence of supply and demand, although supply and demand is the basis of determining commodity prices, there are differences in silver products, because silver has no influence on industrial and agricultural production, so supply and demand is important but not the main reason.
Second, the reason is the change of money and its value. Before the collapse of the Danbray Woods system, silver existed as the basis for issuing money. At present, due to the floating exchange rate system, the relationship between silver and currency is upside down, and the price of silver depends largely on the value of major currencies. What needs to be emphasized here is that the current price of silver depends not only on the exchange rate of the US dollar, but also on the global liquidity surplus.
Third, silver has a high correlation with the price level, especially the transaction price of bulk commodities. Historically, the price correlation between oil and silver, known as black gold, is very high. The general rule is that with the rise of oil price, the price of silver will also rise.
Fourth, the world political and economic trends, political instability, economic recession, silver prices will rise.