白银价格高台跳水，振幅超10%，机构：牛市并未结束

Core Viewpoint - The silver market has experienced a significant price surge, with prices exceeding $83 per ounce, driven by tight supply-demand dynamics, expectations of Federal Reserve interest rate cuts, and geopolitical risks, leading to a year-to-date increase of over 160% [1] Group 1: Market Dynamics - Silver prices reached a peak of $83.971 per ounce, reflecting a nearly 6% increase before retracting to around $75, with a current price of $77.72, down 2.03% [1][3] - The global silver market has been in a structural deficit for five consecutive years, with physical inventories rapidly depleting and major exchange stock levels significantly declining [1] - The current market rally is primarily driven by actual supply constraints rather than just short-term risk aversion [1] Group 2: Economic Influences - The expectation of further interest rate cuts by the Federal Reserve in 2026 is supporting silver prices, alongside rising geopolitical risks that enhance silver's appeal as a safe-haven asset [1] - Japan's economic recovery and the potential tightening of monetary policy by the Bank of Japan could disrupt silver liquidity, as indicated by the recent budget proposal that includes a record high general account expenditure [2] - Analysts suggest that while silver has entered an overbought territory, the long-term bullish factors remain intact, including ongoing central bank gold purchases and concerns over currency credibility [2]