贵金属风云又起，白银再创新高

Core Insights - The precious metals sector, particularly silver, has gained significant attention with COMEX silver futures reaching a record high of $57.245 per ounce, marking a weekly increase of 13% [2] - The surge in silver prices is attributed to global economic uncertainties and rising inflation expectations, supported by a high probability of a Federal Reserve rate cut in December [2][3] Group 1: Silver Market Dynamics - COMEX silver futures have seen a cumulative increase of 16% since November, with domestic silver contracts also hitting new highs [2] - The iShares Silver Trust, the largest silver ETF globally, currently holds 15,610.54 tons of silver [3] - Technical analysis indicates a bullish trend in silver, attracting speculative investors, although liquidity risks may amplify short-term volatility [4] Group 2: Supply and Demand Outlook - The World Silver Association projects a decline in global silver demand to 1.12 billion ounces by 2025, a 4% year-on-year decrease [5] - Conversely, a supply deficit is expected for the fifth consecutive year, estimated at 9.5 million ounces, indicating a tightening market [6] - UBS has raised its silver price forecast, anticipating prices could reach $60 per ounce by 2026, with potential spikes to $65 per ounce [6] Group 3: Broader Precious Metals Trends - Gold and copper prices are also experiencing significant increases, with gold surpassing $4,200 per ounce and copper nearing historical highs [7][8] - The rise in gold prices is supported by high U.S. debt levels, geopolitical uncertainties, and central bank gold purchases, contributing to a long-term bullish outlook [8] - Copper prices have surged by over 27% this year, reflecting optimistic market sentiment regarding global economic growth [10]