伦敦白银市场出现流动性危机

Group 1 - The current price of silver has risen above $50 per ounce, causing chaos in the London silver market, with significant short squeezes leading to a near-total depletion of market liquidity [1] - Traders are struggling to find available silver for short positions, resulting in high borrowing costs for rolling over positions, with some traders even booking transatlantic flights to transport large silver bars [1] - The premium of the London silver market over the New York market has surged from the usual 3 cents to over 20 cents due to a lack of interbank quotes, exacerbating liquidity issues [1] Group 2 - Silver inventories have been steadily decreasing in recent years, with mine production failing to meet demand from investors and industrial applications like solar panels, leading to a persistent supply shortage [2] - Since mid-2021, London silver inventories have dropped by one-third, with a significant portion held by ETFs, and the remaining free-flowing silver available for the London market has decreased by 75% from over 850 million ounces in mid-2019 to just 200 million ounces [2] Group 3 - The overnight borrowing costs for silver in London have increased by over 100% year-on-year, surpassing all records from the 1980 squeeze period [3] - There is a growing demand from clients to airlift silver from New York to London, with estimates suggesting that traders are attempting to move between 15 million to 30 million ounces of silver [3] Group 4 - Many traders are reluctant to utilize silver inventories in New York due to complex logistics and potential delays from a government shutdown affecting customs processes, which could lead to high costs [4] - Concerns about potential tariffs on key minerals, including silver, following the conclusion of the Section 232 investigation by the Trump administration could further exacerbate the liquidity crisis in the London market and drive silver prices higher [4]