现货白银首次突破90美元/盎司大关，机构最新研判

Core Viewpoint - The silver price continues to rise, with London spot silver breaking the $90 per ounce mark, reaching a historical high of $91.551 per ounce, reflecting a cumulative increase of over 25% since 2026 [1][3] Group 1: Market Performance - As of January 14, 2026, the main contract for silver futures in China reached a peak of 22,995 yuan per kilogram, marking a new high since its listing, with a recent increase of over 7% [1][3] - The overall trend for silver prices has been a steady upward movement since the beginning of 2026, despite pressures from commodity index adjustments [1][3] Group 2: Supply and Demand Dynamics - Micro-level data indicates that silver is being redistributed among different markets due to tight spot supply, with a notable increase in COMEX silver futures delivery volume and a continuous decline in inventory [2][4] - The proportion of registered warehouse receipts relative to total inventory is decreasing, indicating a rising sentiment of withholding supply, which supports silver prices [2][4] Group 3: Future Outlook - Current investment and physical demand for silver remain strong, while potential bearish factors are primarily linked to financial attributes, such as weakening expectations for a Federal Reserve rate cut and a decline in risk sentiment [2][4] - The expectation for a rate cut by the Federal Reserve in January has further diminished, suggesting that financial bearish factors are now relatively limited [2][4]