深夜，白银迭创新高，黄金也突破近6周高点

Core Viewpoint - The recent surge in spot silver prices, reaching a historical high of $58.8 per ounce, has been driven by multiple factors including supply tightness, speculative short squeezes, and macroeconomic conditions prompting demand for value storage [1][2][6]. Group 1: Price Movements - Spot silver has achieved a historical high of $58.8 per ounce, with a year-to-date increase exceeding 100%, significantly outpacing gold's 60% rise [2]. - Spot gold also reached a six-week high of $4245 per ounce, following its historical peak in mid-October [4]. Group 2: Market Dynamics - The recent price increase in silver is attributed to supply constraints, speculative trading, and macroeconomic factors that have heightened the demand for precious metals as a store of value [6]. - Silver's inventory at the Shanghai Futures Exchange has dropped to its lowest level in nearly a decade, exacerbating supply issues [6]. - The silver-to-gold ratio has approached 70, indicating a significant shift in market dynamics, with the ratio hitting its lowest point since August 2021 [7]. Group 3: Speculative Activity - The cost differential between bullish and bearish silver options has surged to its highest level since 2022, indicating increased speculative interest in rising silver prices [9]. - Expectations of a potential interest rate cut by the Federal Reserve have further fueled speculative trading in precious metals, with an 85% probability of a rate cut indicated by market tools [9]. Group 4: Global Economic Influences - Concerns over macroeconomic risks from Japan, including potential interest rate hikes by the Bank of Japan, have contributed to market volatility and influenced precious metal prices [11]. - The anticipated nomination of Kevin Hassett as the next Federal Reserve Chair, who is viewed as a "dove," has also impacted market sentiment regarding interest rates and precious metals [9][11].