白银突破62美元又创新高，年内大涨近120%

Core Viewpoint - Silver has emerged as a leading investment asset in 2023, with a year-to-date increase of nearly 120%, particularly accelerating in the second half of the year [1][10]. Price Movements - As of December 11, 2023, the spot silver price surpassed $62 per ounce, reaching a high of $62.884 per ounce, marking a new historical peak [1][10]. - COMEX silver also broke through $63 per ounce, hitting a peak of $63.25 per ounce, while the Shanghai Futures Exchange silver contract reached a high of 14,655 yuan per kilogram, with an increase of over 5% [1][10]. - The silver price has shown a significant upward trend, with a cumulative increase of nearly 120% for the year [4][14]. Market Drivers - The Federal Reserve's decision to lower the benchmark interest rate by 25 basis points to a range of 3.50%-3.75% has been a key factor in supporting silver prices, marking the third rate cut of the year and a total reduction of 75 basis points [4][13]. - Silver's price sensitivity to the dollar and its dual role as both a financial and industrial asset have attracted significant investment, particularly in sectors like AI servers, photovoltaics, and electric vehicles [5][15]. - The decline in global silver inventories, coupled with the Fed's rate cuts and silver's designation as a critical mineral in the U.S., has further bolstered silver prices [5][13]. Future Outlook - The Silver Institute predicts a structural supply deficit of approximately 95 million ounces in the global silver market by 2025, continuing a trend of supply shortages for the fifth consecutive year [7][16]. - Demand from the photovoltaic industry is expected to be a long-term support factor, with the International Energy Agency forecasting an increase in solar capacity that could raise silver demand by nearly 150 million ounces annually by 2030 [7][16]. - Analysts suggest that while silver may experience short-term volatility due to high sensitivity to market news, the overall trend remains bullish due to low inventories and resilient industrial demand [7][16].