力压黄金，“黑马”跑出历史新高！

Group 1 - Silver prices have surged, with COMEX silver reaching a record high of $57.245 per ounce, marking a maximum increase of 6.79% during trading [1] - The London spot silver also saw a significant rise, with a peak increase of 5.74%, while domestic futures in China hit a high of 13,239 yuan per kilogram, up 5.55% [1] - The driving force behind the rising silver prices is the increasing expectation of a Federal Reserve rate cut in December, with an 85.4% probability of a 25 basis point cut [2] Group 2 - The global silver supply is expected to remain flat at 813 million ounces in 2025, with a slight increase in recycling but a projected 4% decline in demand to 1.12 billion ounces [3] - Despite the stable industrial demand for silver, a significant supply deficit is anticipated for the fifth consecutive year in 2025, estimated at 95 million ounces [4] - The solar energy sector has emerged as a major variable in silver demand, although it is expected to peak in 2024 and experience a marginal decline in 2025 [4] Group 3 - Over the past decade, silver prices have increased by approximately 301.8%, with the gold-silver ratio fluctuating between 63 and 122 [5] - Silver's dual attributes of being both a financial and industrial metal have led to its price volatility, with periods of correlation and divergence from gold prices [7] - The past ten years have seen silver's industrial demand grow, particularly in sectors like photovoltaics, AI, and semiconductors, indicating potential for further price increases [8]