疯狂的白银！见证历史，开启双位数上涨模式，碾压一切贵金属！这一夜到底发生了什么？

Core Viewpoint - Silver has experienced a significant surge, outperforming gold and becoming the highest-gaining precious metal of the year, with a year-to-date increase of 174% [1][3]. Group 1: Market Performance - Last night, the precious metals market saw a broad rally, with COMEX silver futures rising by 11.15% to $79.68 per ounce, while COMEX gold futures increased by 1.31% to $4562 per ounce [3]. - The current market conditions have led to a notable increase in silver prices, driven by geopolitical tensions and expectations of interest rate cuts by the Federal Reserve [5]. Group 2: Geopolitical and Economic Factors - Geopolitical tensions, such as security cooperation between Nigeria and the U.S. and airstrikes by Saudi Arabia in Yemen, have heightened demand for safe-haven assets like gold and silver [5]. - Analysts suggest that the combination of low market liquidity at year-end and the impact of Trump's tariff policies has led to a significant migration of global precious metal inventories to the U.S., exacerbating supply shortages and fueling speculative trading [5]. Group 3: Supply and Demand Dynamics - A key indicator of physical silver shortages, the one-year silver swap rate minus U.S. rates, has plummeted to -7.18%, indicating that traders are willing to pay a premium for immediate delivery of physical silver [6]. - The current negative swap rate suggests a supply crunch, as traders are prioritizing immediate access to physical silver over future contracts, which typically incur storage and insurance costs [6]. Group 4: Historical Context and Risks - Historical precedents indicate that previous silver bull markets ended not due to natural supply-demand reversals but through regulatory interventions, such as increased margin requirements by exchanges [8]. - The recent increase in silver futures margin requirements by CME could signal potential market corrections if regulatory pressures continue to mount [8].