广发期货：国际银价不断抬升

Group 1 - Precious metal prices, particularly silver, have experienced a significant breakthrough, with international silver prices surpassing $40 per ounce for the first time since 2011, driven by rising expectations of Federal Reserve interest rate cuts [1] - The largest SLV silver ETF reported a substantial increase in holdings, with a rise of 247.7 tons in August and a total increase of 934 tons year-to-date, indicating strong investor demand for silver [2] - The U.S. Geological Survey proposed including silver in a list of critical minerals for 2025, highlighting its importance for the U.S. economy and national security, which may lead to potential import tariffs on silver [2] Group 2 - The COMEX silver registered warehouse receipts increased by 9.287 million ounces, a week-on-week growth of 3338%, indicating heightened demand for silver imports [3] - The dual characteristics of silver's industrial and investment demand are enhancing its strategic position in the market, especially in the context of potential tariffs [2] - The outlook for silver prices remains positive due to increased physical demand and ETF inflows, although caution is advised regarding potential price corrections if market expectations are not met [3]