突然，大涨！

Core Viewpoint - The price of silver has reached a historic high, surpassing $57 per ounce, driven by expectations of interest rate cuts by the Federal Reserve and supply-demand dynamics in the market [1][3]. Group 1: Price Movement - On December 1, during Asian trading hours, London spot silver prices hit a record high, reaching $57.7 per ounce, with an increase of approximately 2.3% [1]. - Year-to-date, international silver prices have risen over 90%, significantly outperforming gold [1]. Group 2: Market Expectations - Recent market sentiment indicates a heightened expectation for a 25 basis point rate cut by the Federal Reserve in December, with a probability of 87.4% according to the CME FedWatch Tool [1]. - The potential appointment of a dovish candidate, Haskett, as the next Federal Reserve Chair has further bolstered confidence in a low-interest-rate environment [1]. Group 3: Supply and Demand Dynamics - There has been a persistent supply shortage in silver due to declining production levels in recent years [3]. - Global silver inventories at exchanges have fallen to near a decade low, while demand from industrial sectors such as photovoltaics and electric vehicles continues to grow, exacerbating market tightness [3]. - Short-term leasing rates for silver have surged, highlighting the supply shortage in the market [3]. Group 4: Valuation Insights - The current gold-to-silver price ratio is approximately 75:1, significantly higher than the 20-year average of 60:1, indicating that silver may be undervalued within the precious metals sector [3]. - Bank of America has raised its silver price target for 2026 to $65 per ounce [3].