限购升级！它，涨幅已超黄金

Core Viewpoint - The recent surge in precious metal prices, particularly silver, has led to significant market activity, prompting fund managers to impose purchase limits on their products to maintain stable operations [1][2]. Group 1: Market Dynamics - Silver prices have seen a substantial increase this year, surpassing gold in terms of percentage growth [3][4]. - The international spot silver price recently broke the $50 per ounce mark, drawing considerable market attention [4]. - The London silver market is experiencing severe liquidity constraints, which is a key driver behind the current price surge [4][10]. Group 2: Supply and Demand Factors - The liquidity of the silver market is heavily reliant on the stock stored in London, which has been depleting due to insufficient mining supply and increased industrial demand [6]. - Since mid-2021, London silver inventories have decreased by approximately one-third, with a significant portion held by exchange-traded funds (ETFs) [8]. - Current freely available silver inventory is around 200 million ounces, a sharp decline of about 75% from the peak of 850 million ounces in 2019 [8]. Group 3: Investment Trends - Many traders who previously bet on falling silver prices are now forced to buy back at higher prices to cover their positions, contributing to increased buying pressure [10]. - The demand for silver is not only driven by its value storage function but also by its industrial applications, particularly in the renewable energy sector [12][14]. - Citigroup forecasts that industrial demand for silver will reach 430 million ounces this year, with the solar energy sector alone accounting for approximately 299 million ounces [14]. Group 4: Future Outlook - The CEO of Sprott believes that silver is in a "catch-up rally" with significant upside potential [16]. - Goldman Sachs indicates that while the current liquidity tightening is a major factor in silver's price rise, it is expected to be temporary as silver flows back to London from other regions [16]. - Analysts warn that silver's volatility and downside risk may be greater than that of gold due to its lack of central bank support [16].