刚刚！逼空！

Core Viewpoint - Silver has experienced a significant surge in price, reaching a high of $51.69 per ounce, with a year-to-date increase of over 70%, outpacing gold's 50% rise [2][4]. Market Dynamics - Silver faced a short squeeze in the London market, with prices nearing $52 per ounce and a peak increase of 3.1%, surpassing last week's high [4]. - Concerns over liquidity in the London market have intensified, pushing silver closer to its record high of $52.50 per ounce set in 1980 [4]. - The benchmark price in London has surged significantly above that of the New York exchange, prompting traders to arrange costly air freight for silver bars to exploit the price difference [4]. Borrowing Costs - The borrowing rate for silver in London has skyrocketed to over 30% for one-month terms, significantly increasing costs for those attempting to roll over short positions [4]. - Similar tightening in borrowing rates has been observed for gold and palladium, indicating a broader strain on silver and gold reserves in London [4]. Analyst Insights - Analysts from Goldman Sachs noted that the silver market is less liquid, being about one-ninth the size of the gold market, which amplifies price volatility [5]. - The absence of central bank purchases to anchor silver prices could lead to disproportionate corrections if investment funds withdraw, reversing the current upward trend driven by tight conditions in London [5]. Geopolitical Factors - The ongoing geopolitical and trade tensions, particularly between the U.S. and China, continue to support safe-haven demand for gold, which indirectly benefits silver [5]. - Traders are closely monitoring the U.S. government's investigation into key minerals, including silver, which raises concerns about potential new tariffs and adds to market tension [5].