白银，反攻

Core Viewpoint - Domestic silver futures have surged, reaching a historical high of 12,639 yuan/kg, with London silver also nearing its historical peak of 54.468 USD/oz, driven by the end of the U.S. government shutdown and increased liquidity expectations from the Federal Reserve's monetary policy [1][3]. Group 1: Market Dynamics - The recent rebound in silver prices is primarily attributed to the conclusion of the U.S. government shutdown, which is expected to inject liquidity into the market and bolster expectations for a more accommodative monetary policy from the Federal Reserve [3]. - Geopolitical tensions continue to drive safe-haven investments into precious metals, with silver attracting attention due to its significantly lower price compared to gold [3]. - The gold-silver ratio, currently around 78, is a key market indicator reflecting the relative price relationship and differing supply-demand expectations for both metals [3][5]. Group 2: Historical Trends and Future Outlook - Historically, when the gold-silver ratio declines, silver, which has stronger industrial properties, tends to outperform gold [5]. - The current environment, characterized by the beginning of a Federal Reserve rate-cutting cycle, suggests that the gold-silver ratio may have further room to decline [5]. - Technical analysis indicates that a "cup and handle" pattern for silver prices has been activated, suggesting a strong medium to long-term outlook for silver prices [6]. - The industrial demand for silver, particularly from the photovoltaic and electric vehicle sectors, has been rising, contributing to lower silver inventories and supporting price increases [6].