刚刚，白银遭遇逼空

Core Viewpoint - Silver has experienced a significant surge, reaching a high of $51.69 per ounce, with an increase of over 70% this year, outpacing gold's 50% rise [1][3]. 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 [3]. - Concerns over liquidity in the London market have intensified, pushing silver closer to its 1980 record of $52.50 per ounce [3][4]. - The benchmark price in London has soared significantly above New York levels, prompting traders to book costly air freight for silver bars, a method typically reserved for gold [4]. Borrowing Costs and Market Conditions - The borrowing rate for silver in London surged to over 30% for one-month terms, significantly increasing costs for those attempting to roll over short positions [4]. - High borrowing rates for gold and palladium indicate a tightening of metal reserves in London following substantial shipments to New York earlier this year [4]. Analyst Insights - Analysts from Goldman Sachs noted that the silver market is less liquid, with a size approximately one-ninth that of gold, which can amplify price volatility [4]. - 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 [4]. Broader Market Trends - The four major precious metals have seen price increases ranging from 55% to 80% this year, leading the commodities market [4]. - Gold's rise has been supported by central bank purchases, increased holdings in exchange-traded funds, and expectations of Federal Reserve rate cuts [4]. - Geopolitical tensions and trade risks, particularly between the U.S. and China, continue to bolster demand for gold, despite signs of easing in these tensions [4].