白银高位回落，提示短期价格压力

1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The report believes that the silver has reached a phased peak, and the pressure for bulls to continue to push up prices is gradually increasing. The current spot tightness has reached a small peak after the New Year's Day, showing signs of weakness in both the capital and fundamental aspects. Therefore, the silver trend - long strategy is worth exiting [1]. - The current decline and adjustment of silver do not represent the end of the long - term trend. However, the current point has a poor profit - loss ratio, and the adjustment is not over. The spot market needs to ferment again to drive the futures price up [2]. 3. Summary by Related Catalogs Silver Price Analysis - There have been several changes in silver recently: the domestic spot premium has eased, the overseas silver lease rate has significantly dropped from over 8% to 4.46%, and the term structure has changed from back to contango; the internal - external price difference has converged, and the domestic premium has been continuously squeezed out; the exchange has strengthened risk control for silver, restricting the maximum number of open positions and dampening the enthusiasm of bulls. The ruling of the US Supreme Court on Trump's tariffs may be a key factor in falsifying the contradiction in the silver spot market [1]. Trend Judgment - In a macro - environment with good economic data, abundant liquidity and stable monetary policy expectations, the bottom of the commodity trend should be continuously rising. The current tense geopolitical situation is a long - term bullish factor, and the contradiction in the silver spot market still exists [2]. Option Strategies - For on - exchange options, the implied volatility of silver options is falling in a positive correlation with the price. One can consider selling out - of - the - money call options to earn volatility premium income. If worried about the risk of the price continuing to soar, one can buy a small amount of in - the - money call options for hedging [3]. - For off - exchange options, for customers planning short - term bets on the callback opportunity, it is recommended to arrange a short - term and medium - range circuit - breaker fixed - payout put ladder option to increase income during the market oscillation period, and also build short positions rhythmically at high prices [4].