“前所未见”：历史性挤压之下，白银交易商争相将银条运往伦敦；高盛仍看好黄金。

Investment Rating - The report indicates a favorable outlook for silver prices in the medium term, with expectations of further gains due to Fed cuts attracting inflows, although it highlights greater volatility and downside risk compared to gold [18][28]. Core Insights - The current silver market is experiencing unprecedented liquidity issues, with traders rushing to transport silver bars to London to capitalize on significant premiums [1][2]. - A recent surge in silver prices, which has increased by 35% since August 26, is attributed to heightened investment interest driven by concerns over rising debt levels and currency devaluation in the West [25][8]. - The dynamics of the silver market are influenced by a sudden spike in demand from India, coupled with a dwindling supply of available bars and fears of potential US tariffs [9][20]. Summary by Sections - Liquidity Issues: There is a severe lack of liquidity in the silver market, with bid-ask spreads widening significantly from typical levels [10][11]. The logistics of moving silver from US vaults to London are complicated and time-consuming, contributing to the current market stress [4][5]. - Market Dynamics: The report notes that the silver market is less liquid and smaller than gold's, which amplifies price movements in response to investment flows [23][28]. The absence of a central bank bid for silver means that any pullback in investment could lead to disproportionate corrections [29][30]. - Investment Trends: The report highlights that silver and gold prices are typically correlated due to similar investment flows, but silver has lagged behind gold due to the lack of central bank support [21][22]. The recent increase in silver ETF demand has led to a drop in near-term availability and a spike in lease rates [26][25]. - Future Outlook: The report anticipates significant physical inflows from China and the US into the London market, which may help restore liquidity, although the path to normalization is expected to be bumpy [6][28].