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Core Viewpoint - The article highlights the significant rise in silver prices, with spot silver reaching a historic high of $51.23 per ounce, driven by various factors including industrial demand, geopolitical risks, and expectations of Federal Reserve interest rate cuts [3][5][6]. Group 1: Price Performance - On October 9, the London spot silver price surpassed $50 per ounce for the first time, marking a year-to-date increase of 73.53%, outperforming gold's approximately 53% rise during the same period [3][4]. - The current price of silver is seen as relatively "cheap" compared to gold, which is priced at $4,000 per ounce, prompting a reevaluation of silver's value in the market [5][6]. Group 2: Demand Drivers - Silver's strong performance is attributed to its dual role as both a financial and industrial metal, with increasing demand in sectors such as photovoltaics and new energy [3][9]. - The global largest silver ETF, iShares Silver Trust, reported holdings of 15,452 tons as of October 9, an increase of over 1,000 tons since the beginning of the year, indicating strong investor interest [9][10]. Group 3: Market Dynamics - The silver market is significantly smaller than the gold market, making it more susceptible to price fluctuations due to changes in the value of the dollar [6][7]. - Continuous supply shortages have been reported, with global silver supply experiencing a deficit for five consecutive years, leading to increased spot premiums [10][11]. Group 4: Future Outlook - Analysts predict that if silver prices remain above $50, it could indicate a market reassessment of silver's economic value and its role as a store of value [6][7]. - The ongoing geopolitical uncertainties and expectations of a loose monetary policy are expected to support silver prices in the medium to long term, although there are concerns about potential volatility due to speculative trading [11].