白银飙破51美元创纪录，伦敦轧空“问题严重

Core Insights - Silver prices surged above $51 per ounce, reaching a historical high against all major currencies, driven by a nearly twofold increase in borrowing rates for silver in the London market [1][4] - Gold prices fluctuated around $50 per ounce but failed to break the new benchmark set in London, with a significant drop following news of a ceasefire agreement between Israel and Hamas [1] - Current net demand for silver is approximately 50% from industrial and other production uses, with historical peaks in silver prices previously leading to significant declines [1][5] Silver Market Dynamics - The one-month borrowing rate for silver in London has increased nearly twofold to over 19% annually, indicating heightened competition for silver in the market [1][4] - The SLV silver ETF has expanded for three consecutive trading days, reaching its largest scale since September last year, requiring 15,415 tons of silver to support its issued shares, equivalent to over seven months of global silver production [6] - Strong industrial demand, particularly due to accelerated solar panel installations in China by 2025, alongside a surge in silver ETF inflows, has been noted by Morgan Stanley [5][6] Price Trends and Historical Context - Silver prices in London reached around $49.64 per ounce, slightly above historical levels, but a significant portion of the gains was erased by the end of trading [5] - Historical patterns indicate that similar price surges have often been followed by average declines of 24% over the subsequent two months [7] - The price gap between London and Shanghai gold markets has widened, reaching the highest level since 2020, indicating market discrepancies [10]