力压黄金，白银跑出历史新高！

Core Viewpoint - Silver prices have surged to historical highs, driven by expectations of a Federal Reserve interest rate cut in December, outperforming gold in recent performance [1][2]. Group 1: Price Movements - COMEX silver futures reached a peak of $57.245 per ounce, marking a new high since the contract's inception, with an intraday increase of 6.79% [1]. - London spot silver also saw significant gains, with a rise of 5.74%, while domestic futures in China hit 13,239 yuan per kilogram, up 5.55% [1]. - Over the past decade, silver prices have increased by over 300% [3]. Group 2: Market Expectations - The probability of a 25 basis point rate cut by the Federal Reserve in December is now at 85.4%, as indicated by the CME's FedWatch tool [2]. - Federal Reserve Governor Waller reiterated support for the rate cut, citing stable economic indicators since the last meeting [2]. Group 3: Supply and Demand Dynamics - The World Silver Association forecasts that global silver mining supply will remain flat at 813 million ounces in 2025, with a projected demand drop to 1.12 billion ounces, a 4% decrease year-on-year [2]. - Despite a slight increase in recycling rates, the supply deficit is expected to persist for the fifth consecutive year, estimated at 9.5 million ounces [2]. - A resource company executive indicated that silver supply shortages are likely to continue into 2026, supporting price stability [2]. Group 4: Historical Context and Trends - Silver has historically followed gold's trends but has exhibited more volatility, with a 301.8% price increase over the last decade [3][5]. - The gold-silver ratio has fluctuated between 63 and 122, reflecting silver's evolving role from a secondary asset to a more independent investment [5][6]. - The demand for silver in industrial applications, particularly in solar panels, has become a significant factor, although growth may peak in 2024 [2][6].