白银涨幅已超黄金，基金机构公告：限购升级

Core Insights - Precious metal prices, particularly silver, have seen significant increases, with silver prices recently surpassing historical highs [1][4] - The domestic investment market is experiencing a surge in activity, leading fund managers to implement purchase limits to maintain stable operations [1][2] Group 1: Market Dynamics - The international spot silver price has risen more than that of gold this year, with recent prices exceeding $50 per ounce [3][4] - The surge in silver prices is driven by multiple factors, including liquidity tightening in the London market, increased investor risk aversion, and rising industrial demand [4][11] Group 2: Supply and Demand Factors - London silver inventories have decreased by approximately one-third since mid-2021, with a significant portion held by exchange-traded funds (ETFs) [8] - The current freely available silver inventory is around 200 million ounces, down about 75% from the peak of approximately 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] - Analysts predict that industrial demand will become the largest source of silver demand this year, estimated at 430 million ounces, with the solar energy sector being a significant driver [13] Group 4: Future Outlook - The CEO of Sprott believes silver is in a "catch-up rally" with substantial upside potential [15] - Goldman Sachs indicates that while the current liquidity tightening is a key factor in silver's price surge, it is expected to be temporary as silver flows back to London from other regions [15]