散户抢银，银价大涨

Core Insights - The average daily trading volume of micro silver futures surged by 238% year-on-year in November 2025, while standard silver futures only saw a 22% increase, indicating a significant shift towards retail participation in the market [1] - The overall increase in silver futures prices was 18.6% in November, with a notable 14.5% rise in the last week attributed to retail investors entering the market [1] - The London Bullion Market Association (LBMA) reported a drastic decline in available silver inventory from 850 million ounces in 2021 to 200 million ounces by October 2025, a drop of over 70%, highlighting a mismatch between trading demand and physical deliverable supply [1] Market Dynamics - Retail investors' physical silver purchases and increased ETF holdings led to a spike in silver borrowing rates, which reached 200%, causing major market-making banks to withdraw due to performance risk [1] - The bid-ask spread widened to $1.2 per ounce, resulting in a near standstill in the market, which further fueled retail investors' perception of silver scarcity and prompted additional buying, creating a vicious cycle [1]