EasyMarkets易信:银价冲破理性动能

Core Viewpoint - The silver market has shown unexpected strong momentum, surprising many institutions, particularly with the recent performance of TD Securities (TDS) in short positions [1][2][3] Group 1: Market Dynamics - TD Securities established a short position at $78, which was liquidated within a week due to a 19% surge in silver prices, reaching a historical high of $93.70 per ounce [3] - Despite expectations of approximately $5 billion in index rebalancing outflows at the beginning of 2026, over $7 billion in new long positions quickly absorbed selling pressure, indicating strong market resilience [3] Group 2: Fundamental and Policy Factors - Silver, designated as a "critical metal" by the government, is influenced by tariff policies, with the Trump administration's decision not to impose import tariffs expected to alleviate supply chain pressures [4] - Current data shows that Comex warehouses have about 430 million ounces of deployable inventory, suggesting a shift from "extreme scarcity" to "inventory recovery" in the physical market [4] - After a cumulative increase of 21% in silver prices at the start of 2026, technical indicators show significant overbought signals, with potential market turning points on the horizon [4]