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Core Viewpoint - The silver market is experiencing a historic short squeeze, leading to unprecedented price increases and severe liquidity issues in London [3][6][10]. Group 1: Price Movements - Spot silver prices have surpassed $53 per ounce, reaching a new historical high [1]. - Spot gold has also risen to $4,150 per ounce, marking a record high [2]. - London spot silver prices have increased by 0.4%, hitting $52.5868 per ounce, exceeding the previous record set in 1980 [3]. Group 2: Market Dynamics - A liquidity crisis in the London silver market has resulted in a rush to acquire silver globally, driven by strong safe-haven demand, surging Indian purchases, and concerns over potential U.S. tariffs [6][10][12]. - The premium for London spot prices over New York futures reached $3, prompting traders to take extreme measures, such as chartering transatlantic flights for silver transport [6]. - The one-month leasing rate for silver in London has surged above 30%, with overnight borrowing costs exceeding 100% annualized [8]. Group 3: Inventory and Supply Issues - The available silver inventory in London has plummeted by 75% since mid-2019, from approximately 850 million ounces to around 200 million ounces [10]. - The lack of liquidity is exacerbated by banks' reluctance to quote prices, leading to wide bid-ask spreads [10]. Group 4: Demand Factors - Investors are flocking to silver and gold as safe-haven assets amid global economic uncertainties, including U.S. debt risks and currency devaluation [10]. - A recent unexpected surge in demand from India has further strained already tight inventories in London [11]. Group 5: Market Outlook - Analysts are divided on the future of silver prices; Bank of America has raised its 2026 silver price target from $44 to $65 per ounce due to ongoing supply shortages and fiscal deficits [14]. - Goldman Sachs warns that the current price surge is primarily driven by physical tightness in the London market, predicting that this situation may ease in the coming weeks but could lead to extreme volatility [14].