白银市场上演历史级逼空

Core Viewpoint - The international silver price has surged to a 45-year high due to a historic "short squeeze," with significant increases in trading volume in the Chinese market attracting more investors to this relatively niche asset [1][3]. Group 1: Market Dynamics - The London spot silver inventory has decreased by 75% compared to 2019, leading to a spike in leasing rates for silver, which has forced short sellers to transport silver bars from New York to London, contributing to the price increase [3]. - Year-to-date, the price of London silver has risen by over 80%, outperforming gold in recent performance [3]. - The liquidity of the London silver market is tightening, causing significant delivery risks for traders holding short positions in silver futures, with the one-month leasing rate for silver recently exceeding 30% [5]. Group 2: Trading Activity - The Shanghai Futures Exchange reported a substantial increase in trading volume for silver derivatives, with September's silver futures volume reaching 27.51 million contracts, a month-on-month increase of 125.59% [8]. - The trading of silver options also saw a significant rise, with a monthly volume of 12.34 million contracts, reflecting a growth of 125.16% [8]. Group 3: Risk Assessment - Goldman Sachs has warned of short-term volatility and downside risks in the silver market, suggesting that without central bank support, even minor corrections could trigger market panic [7]. - The recent market has already experienced significant fluctuations, with silver futures showing volatility exceeding 6% on October 14 [7].