Zheng Quan Ri Bao Wang·2025-09-22 12:41Group 1: Market Performance - On September 22, silver experienced significant gains, with SHFE silver reaching a maximum increase of 4% during the day, closing at a 3.81% increase, marking a year-to-date rise of 36.27% at 10,317 yuan/kg [1] - In the international market, London silver saw a fluctuation of around 1.4%, priced at $43.68/oz, with a year-to-date increase exceeding 51%, outpacing London gold's 41% increase by 10 percentage points [1] - The precious metals sector in the A-share market also performed well, with the sector rising by 6.18%, significantly leading other sectors, and individual stocks like Hunan Silver, Zhongjin Gold, and Xiaocheng Technology each rising over 9% [1] Group 2: Silver's Price Dynamics - The recent surge in silver prices surpassing gold is attributed to the gold-silver ratio indicating a significant room for silver's price increase, currently around 85:1, compared to a historical average of 55:1 to 60:1 [2] - The high gold-silver ratio suggests that silver is historically undervalued relative to gold, and as the gold bull market is confirmed, market funds are likely to seek more cost-effective investment options, leading to a "catch-up" rally for silver [2] Group 3: Industrial Demand and Supply Constraints - Silver's industrial applications, particularly in clean energy technologies like solar panels, have contributed to its demand, leading to a projected fifth consecutive year of supply shortages in the silver market [3] - The influx of investors into silver-backed ETFs has resulted in a continuous increase in holdings, causing a decline in freely available silver stocks in London, further tightening market supply [3] - The expectation of continued interest rate cuts by the Federal Reserve is seen as a driving factor for both gold and silver bull markets, with projections for international silver to potentially reach $50/oz and domestic silver to break through the 11,500 to 12,000 yuan/kg range [3]