Silver’s 65% rally in 2025 , real value or just déjà vu from 2011?

So silver’s been on a crazy run this year, up around 65% already and sitting just under $50 right now. Every time it gets near this level people start talking about a pullback, but honestly this time it feels a bit different.
Industrial demand is huge from EVs, solar and all that clean energy stuff, while mine output hasn’t really moved much in years. Central banks and ETFs have also been buying up physical silver pretty quietly, which adds a bit of backbone to the rally instead of just retail hype.

What’s interesting is the gold-silver ratio is still above the long-term average, which could mean silver’s still playing catch-up. If gold pushes through $4000 and keeps going, I wouldn’t be surprised seeing silver somewhere around new highs in the next yearrecovery.
How others are positioning here. Are you treating silver as a long-term inflation hedge, or more as a cyclical play linked to industrial recovery?