Silver rebounded after reaching a high in the first quarter, and may continue to rise modestly in the second quarter.

From a macro perspective, Trump's main goal is to obtain cheap oil from the Middle East, contain Iran's nuclear program, and expand the dominance of the US dollar in oil settlements, rather than create a sustained energy price crisis. There is a relatively high possibility of macro bullish factors, but it still needs to be discussed on a case-by-case basis. For example, if the US-Iran situation escalates, causing oil prices to continue to soar and causing stagnation, although the market will price in the inflation-resistant and safe-haven value of gold and thus drive silver, the weakness in the industrial sector will hinder silver, limiting its upside potential or causing a certain degree of retracement; on the other hand, if the Middle East situation does not cause stagnation, and the Federal Reserve enters a tightening cycle to avoid inflation risks, silver will be under pressure; if US-Iran relations ease, the Strait of Hormuz returns to normal navigation, or wide fluctuations drive oil prices to fall sharply, the market may price in a rate cut by the Federal Reserve later in the year, leading to a recovery in silver prices. In summary, looking ahead to the second quarter, due to the possibility of a disruption in the Middle East situation, the logic of a rate hike by the Federal Reserve this year may be proven wrong, combined with regional market differentiation but an overall hard-to-resolve supply and demand situation, there is a probability that the price of silver will continue to moderately rise.