白银价格重回历史高位，机构提示风险

Group 1 - Silver prices have increased by 79% year-to-date, reaching a historical high of $54.468 per ounce on October 17 before experiencing volatility [1][2] - The surge in silver prices has revitalized investment interest, with discussions on social media platforms increasing and significant net inflows into silver-related funds, particularly the Guotou Ruijin Silver Futures fund, which attracted over 1.9 billion yuan in the second half of the year [2] - The global largest silver ETF, IShares Silver Trust, reported a net holding of 15,769.78 tons as of October 20, an increase of approximately 900 tons since the end of the first half of the year [2] Group 2 - Despite a more than 50% increase in COMEX silver inventory this year, logistical challenges have hindered a quick return of silver to London, exacerbating local shortages [3] - Goldman Sachs has indicated that the volatility and downside risks for silver are significantly higher than for gold, noting that the silver market is about one-ninth the size of the gold market, making price fluctuations more pronounced [4] - The lack of central bank purchases for silver, unlike gold, means that silver prices may not have the same level of support, leading to potential price corrections even with short-term capital inflows [4]