溢价风险高企！白银LOF连发10份警示

Core Viewpoint - The domestic only silver futures public fund, Guotou Ruijin Silver Futures LOF, has issued a risk warning due to significant price fluctuations, with a premium reaching as high as 40% on December 18, closing at a premium of 35.9% [1] Group 1: Fund Performance and Risk Warnings - The fund's net asset value (NAV) was reported at 1.7164 yuan per unit on December 17, while the closing price on December 18 was 2.332 yuan, indicating a substantial premium over the NAV [1] - The fund has issued 10 risk warnings since December, and to mitigate market speculation, it has suspended large subscriptions, limiting daily subscriptions to 500 yuan [2] Group 2: Market Dynamics and Investor Behavior - The surge in premium is attributed to increased investor demand driven by rising silver price expectations and the fund's unique position as the only silver futures public product in China, leading to a liquidity premium and emotional premium [3] - The fund's scarcity and convenience have attracted a large number of retail investors, but strict off-market purchase limits have hindered arbitrage opportunities, resulting in a significant disconnect between price and NAV [3] Group 3: Investment Recommendations - Investors are advised to avoid chasing high premiums and to use NAV as a reference for pricing, while also controlling their positions and setting stop-loss lines [4] - It is recommended that investors prioritize off-market subscriptions within the limited purchase quota and only manage liquidity in the market without holding high premium shares for the long term [4]