白银冲上64美元创历史新高，ETF与期权市场再现“逼空式”繁荣！

Core Viewpoint - Silver prices have surged for the fourth consecutive day, driven by ETF inflows, momentum trading strategies, and tight physical market conditions, positioning silver for its best year since 1979 [2][4]. Group 1: Price Movement and Market Dynamics - Silver prices reached a historical high above $64, with a weekly increase of approximately 10%, influenced by dovish signals from the Federal Reserve [2]. - The recent price surge occurred after a significant short squeeze in the London silver market, where ETF inflows and exports to India depleted already low inventories [4]. - The gold-silver ratio fell to its lowest level since 2021, approximately 1:67, indicating a relative cheapness of silver [4]. Group 2: Speculative Activity and Options Market - There is a notable increase in bullish options buying, with total open interest in call options for the iShares Silver Trust (SLV) reaching its highest level since 2020 [5]. - The cost of purchasing call options has surged to multi-year highs compared to put options, indicating strong speculative interest [5]. - A significant number of call options with a strike price of $57 are set to expire, potentially prompting traders to buy stocks to rebalance their positions [5]. Group 3: Industrial Demand and Future Outlook - The Silver Institute reported an expected surge in industrial applications, particularly in solar photovoltaics and electric vehicles, which may drive future demand [6]. - The sharp rise in silver prices could potentially weaken industrial demand, as silver now constitutes about one-quarter of the cost structure in photovoltaics [6]. - Year-to-date, silver prices have increased by 120%, outpacing gold's 65% rise, with ETFs adding 35 million ounces of silver holdings in the past month [7].