智通财经网·2026-02-23 11:59Core Viewpoint - The report from Guotai Junan highlights the strong resonance of silver's dual attributes: its industrial demand has risen to nearly 60%, with emerging sectors becoming the core of growth, while its financial attributes are enhanced in a globally loose liquidity environment, making it a preferred safe-haven asset alongside gold [1] Group 1: Silver Market Dynamics - Short-term inventory disturbances have led to significant price increases and increased volatility in silver prices. Global visible silver inventories have shown a declining trend over the past five years, with COMEX inventories decreasing and LMBA inventories down by approximately 10,000 tons from their 2021 peak [2] - The London silver market's leasing rates remain high, indicating a potential "squeeze" risk. By 2026, the London spot silver price is expected to exceed $118 per ounce, reaching a historical high before a subsequent decline [2] Group 2: Supply and Demand Factors - Independent silver mining capacity accounts for less than 30%, with rising mining costs and sluggish supply growth. According to the US Geological Survey, global silver reserves are projected to reach 640,000 tons by 2024, with Mexico, China, and Peru accounting for 50% of global production [3] - Silver's industrial properties are driving demand, particularly in emerging sectors such as photovoltaics, electric vehicles, and artificial intelligence. The World Silver Association reports a persistent supply-demand gap since 2021, with silver being essential in the AI sector due to its high conductivity and thermal properties [3]