白银持续创新高，海外市场情绪高涨

Core Viewpoint - The recent dovish actions by the Federal Reserve, including a rate cut and the initiation of RMP bond purchases, have positively influenced market sentiment, leading to a significant rise in silver prices and volatility [1][3]. Group 1: Federal Reserve Actions - The Federal Reserve announced a 25 basis point rate cut, bringing the federal funds rate target range to 3.5%-3.75%, totaling a 75 basis point reduction for the year [3]. - The Fed also initiated a $40 billion short-term Treasury bond purchase for reserve management, aimed at ensuring market liquidity [3]. - These actions are expected to lead to a substantial increase in money supply, alleviating previous liquidity concerns in the market [3]. Group 2: Silver Market Dynamics - The COMEX silver market is experiencing unprecedented physical delivery demand, with significant unfulfilled positions remaining in the delivery month [5]. - The London silver borrowing and leasing rates have risen above 7%, indicating increased costs for short sellers and highlighting the challenges in fulfilling contracts [5]. - The overall silver supply is projected to have a deficit of nearly 3,000 tons in 2025, with mining supply growth remaining subdued [5]. Group 3: Market Outlook - The macroeconomic fundamentals and monetary policy expectations in the U.S. are expected to support silver prices, with significant inflows into silver ETFs indicating strong bullish sentiment [9]. - Short-term demand for physical delivery is anticipated to decrease as the COMEX silver approaches its final trading day, potentially easing bullish sentiment [9]. - The market may face increased volatility risks due to crowded trading conditions, and regulatory measures could be implemented to manage these risks [9].