历史性时刻！白银狂飙，突破50美元！比黄金还猛

Core Viewpoint - Silver has reached a historic milestone by surpassing $50 per ounce for the first time, driven by strong demand and supply constraints, alongside the bullish trend in gold [1][2]. Price Movement - On October 9, spot silver prices surged over 4%, breaking the $50 mark and reaching a high of $51.22 per ounce, while silver futures on the Shanghai Futures Exchange hit a record high of 11,490 yuan per ton [1][2]. - Year-to-date, spot silver has increased by 75%, outperforming gold, which has risen by 54% [5]. Supply and Demand Dynamics - The global silver supply has faced a deficit for five consecutive years, leading to declining inventories [2]. - Industrial demand for silver is on the rise, particularly from sectors such as photovoltaics, electric vehicles, and semiconductors [2][3]. Investment Trends - There has been a significant inflow of funds into silver exchange-traded funds (ETFs), indicating strong investor interest [3]. - The gold-silver ratio has decreased from over 85 to 81, suggesting a growing preference for silver among investors [5][6]. Market Sentiment - Analysts note that silver's price volatility is greater than that of gold, often amplifying gold's movements during risk-on market conditions [4]. - UBS has indicated that silver remains attractive relative to gold, with expectations for the gold-silver ratio to decline further [6].