白银挤仓风暴后，伦敦金库现九年来最大规模流入

Core Viewpoint - The article discusses the significant increase in silver inventory in London, which has alleviated previous supply shortages, driven by a historic arbitrage opportunity that attracted silver to the city [5][10]. Group 1: Silver Inventory Increase - London vaults saw an increase of nearly 54 million ounces of silver in October, the largest rise in at least nine years, which is equivalent to the weight of over 100 iconic double-decker buses in London [5]. - This influx of silver was primarily due to arbitrage opportunities created by tight market conditions, which drew silver away from other regions [5][6]. - Earlier this year, silver inventories in London had dropped to historical lows due to tariff concerns, but the recent demand surge from India and ETF purchases has significantly changed the market dynamics [5][11]. Group 2: Market Dynamics and Price Changes - Approximately 48 million ounces of silver flowed out of the New York Commodity Exchange (Comex) vaults in October, while the Shanghai Futures Exchange saw a reduction of nearly 17 million ounces in its warehouse stocks [10]. - The current spot price of silver in London is slightly lower than that of New York futures, indicating a shift in market conditions [10]. - Despite the increase in inventory, the borrowing cost for silver in London remains high at around 5% annualized, although this is a significant decrease from over 30% during the peak of the squeeze in October [13]. Group 3: Future Outlook - The upcoming wedding season in India is expected to continue driving strong demand for silver, which may keep the market tight in the short term [14]. - There are potential risks related to tariffs, as the U.S. has included silver in a list of critical minerals under the Trump administration's Section 232 investigation, which could lead to tariffs and trade restrictions [14].