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Price Decline - Recent sharp decline in London silver spot prices, with a drop of approximately 9% on December 29 and over 7% on December 31 [1][2] - The price peaked at $83.97 per ounce on December 29 before falling to $70.85 per ounce by December 31 [2] - Increased margin requirements by exchanges triggered forced liquidations among leveraged traders, contributing to the price drop [2][3] Market Dynamics - The silver market is experiencing high volatility characterized by "sharp rises and falls," influenced by regulatory tightening and liquidity changes [2] - The CME raised silver futures margin requirements on December 29, leading to a rapid decline in prices due to forced selling [2] - Domestic exchanges have also adjusted trading limits to curb excessive speculation, which has resulted in a disconnect between futures and spot markets [2] Technical Analysis - The rapid price decline is attributed to technical sell-offs, changes in market liquidity, and a reversal in market sentiment [3] - Key technical indicators, such as the Relative Strength Index (RSI), indicated an "overbought" condition, suggesting a need for a technical correction [3] - The smaller scale and depth of the silver market compared to gold exacerbate price volatility during significant sell-offs [3] Future Outlook - Future silver price movements will depend on technical recovery, macroeconomic conditions, and its industrial demand [4] - The market is expected to enter a high-volatility consolidation phase as it digests recent sell-offs [4] - Key factors influencing silver prices include actual interest rates, the U.S. dollar index, and industrial demand from sectors like solar energy and 5G [5] Investment Considerations - The current gold-silver ratio is at a historical low, with silver speculation levels exceeding 90% [5] - A reversal in macroeconomic sentiment could lead to greater downward pressure on silver compared to gold [5] - Market participants are advised to reduce positions and enhance risk management strategies amid year-end volatility [5]