白银，杀疯了！

Core Viewpoint - Silver has surged significantly, reaching a historical high of over $66 per ounce, driven by strong industrial demand and increased investment interest due to economic uncertainties and Federal Reserve rate cut expectations [2][9]. Group 1: Market Performance - On Wednesday, silver prices broke through $66 per ounce, with spot silver rising over 4% and COMEX silver futures increasing by more than 5% to a peak of $66.5 per ounce [2]. - Year-to-date, silver has outperformed other assets with a remarkable increase of approximately 127%, while gold has risen by 65% [2]. Group 2: Economic Factors - Weak U.S. economic data has led to a surge in demand for safe-haven assets like precious metals [5]. - The U.S. unemployment rate unexpectedly rose to 4.6% in November, the highest level since September 2021, while non-farm payrolls increased by 64,000, exceeding expectations [6][7]. - Retail sales remained flat in October, contrary to expectations of a 0.1% increase, and the S&P Global PMI dropped significantly [8]. Group 3: Supply and Demand Dynamics - Industrial demand for silver has remained around 50%, making it a key driver of the current bull market [11]. - The World Silver Association projects a supply shortage of 4,633 tons in 2024, marking the fourth consecutive year of supply deficits [12]. - The solar energy sector, electric vehicles, and data centers are identified as major growth areas for silver demand, with compound annual growth rates of 17% and 13% respectively [12]. Group 4: Future Outlook - Analysts suggest that silver's investment demand may continue to dominate, with potential for prices to reach $70 due to low inventory levels and significant short squeezes in the market [13]. - However, there are contrasting views, with some analysts warning that the current bull market may be nearing its end, potentially leading to a prolonged bear market starting around 2026 [14][15][16].