国际现货白银再创历史新高！高盛预警：短期两大风险暗藏杀机

Core Viewpoint - The international spot silver price has surged due to a liquidity crisis in the London silver market and the ongoing record rise in gold prices, with silver increasing over 78% this year and reaching around $51.5 per ounce [1]. Group 1: Market Dynamics - Goldman Sachs indicated that silver prices are expected to rise further in the medium term, driven by private investment inflows, similar to the anticipated rise in gold prices due to Federal Reserve rate cuts [3]. - The bank warned that silver's short-term volatility and downside risks are higher compared to gold, as the silver market is less liquid, being about one-ninth the size of the gold market, which amplifies price fluctuations [3]. Group 2: Risks to Silver Prices - Two main risks that could lead to a short-term correction in silver prices were identified by Goldman Sachs. First, there may be a temporary decline in ETF inflows, which typically accelerate during Federal Reserve rate cut cycles, potentially putting pressure on silver prices [3]. - Second, if traders delay the return of silver from the U.S. due to investigations into potential tariffs on key minerals, the recovery of inventories at the London Metal Exchange may be delayed [4]. - Additionally, unlike gold, silver lacks structural support from central bank demand, and the long-term price increase driven by industrial demand may be diminishing, as the solar industry is slowing down and manufacturers are increasingly using cheaper materials like copper instead of silver [4].