白银价格持续走高

Group 1 - The core driver of the recent surge in silver prices includes macro liquidity easing, intensified supply-demand conflicts, and increased investment demand [1][2][3] - The Federal Reserve's three interest rate cuts this year and expectations for further cuts in 2026 have led to a decline in the 10-year U.S. Treasury yield to 4.16%, enhancing the appeal of non-yielding assets like silver [1] - Structural supply shortages in the global silver market have persisted for several years, with industrial demand from sectors like photovoltaics and AI growing rapidly, while mineral supply remains constrained [1][2] Group 2 - As of December 18, the largest silver ETF, iShares Silver Trust (SLV), reported a holding of 16,018.29 tons, an increase of 760.37 tons or 4.98% from the low on November 21 [2] - The upcoming results of the U.S. "232 investigation" on silver, expected on January 17, 2026, have created uncertainty regarding tariff policies, prompting investors to stockpile physical silver [2][3] - The recent price increase in silver futures is attributed to a combination of macroeconomic easing, structural supply shortages, and heightened investment demand, with expectations for silver prices to remain above $60 per ounce [3]