白银攻破历史峰值，“逼空式上涨”行情持续发酵

Core Viewpoint - Silver prices have reached a historic high, surpassing the previous record set in 1980, driven by various factors including inflation, geopolitical concerns, and industrial demand [1][2]. Group 1: Price Movement and Performance - Silver prices have increased to $53 per ounce, with a monthly gain of 13.6% [1]. - Year-to-date, silver has risen by 83%, outperforming gold's 58% increase and the Nasdaq's 17% [1]. - The current gold-silver ratio is approximately 82, significantly above historical averages, indicating that silver is still undervalued and has room for further gains [2]. Group 2: Market Dynamics and Demand - The strong performance of silver is attributed to its dual role as a financial asset and an industrial metal, with increasing demand from sectors like artificial intelligence and electric vehicles [1][2]. - Analysts suggest that silver may transition from being viewed primarily as an industrial metal to a value-storing asset, supported by both investment and industrial demand [2][3]. Group 3: Supply Constraints and Market Conditions - The London silver market is experiencing a liquidity crunch, with inventories dropping from 850 million ounces to less than 200 million ounces since mid-2019 [2][3]. - Factors contributing to the inventory shortage include anticipated U.S. tariffs on silver imports, significant inflows into silver ETFs, and insufficient silver production to meet industrial demand [3]. - The current high premiums in the London silver market indicate a tight supply situation, with traders resorting to airlifting silver from New York to London to meet delivery obligations [3].