Core Viewpoint - The international silver price has officially entered the $60 era, with COMEX silver futures breaking through the $60/oz mark and reaching a high of $62.14/oz, while spot silver hit a record of $61.6/oz, reflecting a significant increase in demand and speculation in the market [1][2]. Price Movement - As of December 10, COMEX silver futures have accumulated a rise of over 109% year-to-date, significantly outperforming gold's 60% increase during the same period, indicating a strong bullish trend in the silver market [1]. - The Shanghai silver futures price has also seen a cumulative increase of 24%, surpassing 14,419 yuan/kg [2]. Market Dynamics - Speculative funds have heavily entered the market, contributing to the strong performance of silver, while exchanges have raised margin requirements and price limits to manage volatility [3]. - The recent surge in silver prices is attributed to two main factors: the inclusion of silver in the U.S. critical minerals list and an increase in the Federal Reserve's interest rate cut expectations from 40% to 95% [3]. Supply and Inventory - Global silver inventories have significantly decreased, with COMEX silver inventory dropping from 16,500 tons to 14,200 tons in two months, indicating a tightening supply situation [4]. - As of the end of November, the Shanghai Futures Exchange silver inventory was at 559 tons, and the Shanghai Gold Exchange inventory was at 716 tons, both at near 10-year lows [4]. Future Outlook - Analysts suggest that the silver price may continue to rise due to ongoing supply tightness and potential trade policy restrictions, which could allow silver to outperform gold [4]. - However, there is a need to monitor the delivery situation of COMEX silver in December and changes in inventory levels, as any easing of supply constraints could lead to significant price volatility [4]. - Standard Chartered Bank notes that while leasing rates remain high, they have decreased from October levels, and the increase in available inventory in London suggests that market tightness is easing, potentially leading to high-level fluctuations in silver prices [5].

金价仍在高位震荡，白银却已率先狂欢。 12月10日，白银现货价格延续飙升，伦敦银现站上60美元/盎司关口，续创历史新高。截至记者发稿， 伦敦银现报61.456美元/盎司，日内涨1.31%，盘中最高触及61.607美元/盎司，年内伦敦银现涨幅超 110%。 | COMEX白银 | | | | ਟੀ | | --- | --- | --- | --- | --- | | 61.865 | | | +1.025 +1.68% | | | | COMEX USD 3:00:01 延时15分钟 | | | 1 | | 卖五 | 61.895 | | 2 | | | 变四 | 61.890 | | 4 | | | 卖三 | 61.885 | | 5 | | | 卖二 | 61.880 | | 5 | | | = | 61.875 | | 4 | | | 云一 | 61.865 | | 2 | -1 | | 买二 | 61.860 | | 4 | | | 北三 | 61.855 | | 2 | | | 云园 | 61.850 | | 6 | | | 买五 | 61.845 | | 1 | -1 | | 总量 | 30464 ...

Group 1 - The core viewpoint of the articles highlights the significant surge in silver prices, with London silver breaking historical records, reaching $61.6 per ounce on December 10, 2023, and COMEX silver futures hitting $62.14 per ounce [1][2] - Silver has outperformed gold significantly in 2023, with a year-to-date increase of over 111%, compared to gold's 59.81% rise, driven by expectations of a Federal Reserve interest rate cut [2][3] - The silver market has been in a structural deficit for five consecutive years, with a projected shortfall of 11.77 million ounces in 2023, supporting the upward price trend [3] Group 2 - The demand for silver is being driven by industrial needs, particularly in the renewable energy sector, with a historical high of 680 million ounces in industrial demand last year [3] - The Federal Reserve's anticipated interest rate cut is expected to influence the entire precious metals sector, with predictions of a potential market correction following the announcement [4] - The outlook for platinum and palladium is cautious, as demand may face pressure from a saturated automotive market and tariff issues affecting new energy vehicle sales [4]

Core Viewpoint - The international silver price has officially entered the "60 USD era," with significant increases in both COMEX silver futures and spot silver prices, indicating a strong bullish market for silver [1][2]. Group 1: Price Movements - As of December 10, COMEX silver futures reached a peak of 62.14 USD/ounce, while spot silver hit a record of 61.6 USD/ounce [1]. - Year-to-date, COMEX silver futures have seen a cumulative increase of 109%, significantly outpacing gold's 60% rise during the same period [1]. - Since early November, silver prices have surged over 20%, with both COMEX and domestic silver futures rising by 24% [2]. Group 2: Market Dynamics - The recent price surge is attributed to two main factors: silver's inclusion in the U.S. critical minerals list and an increase in the Federal Reserve's interest rate cut expectations from 40% to 95% [2]. - Speculative funds have heavily entered the silver market, contributing to the short-term bullish trend [2]. - Exchanges have responded by raising margin requirements and adjusting price limits for silver futures [2]. Group 3: Inventory and Supply - Global silver inventories have significantly decreased, with COMEX silver inventory dropping from 16,500 tons to 14,200 tons in two months, marking a decline of over 2,300 tons [3]. - As of the end of November, silver inventories on the Shanghai Futures Exchange and the Shanghai Gold Exchange have reached near 10-year lows [3]. - The gold-silver ratio has rapidly declined to around 72, the lowest since August 2021, indicating a shift in market dynamics [3]. Group 4: Future Outlook - Analysts suggest that silver prices may continue to rise due to ongoing factors such as the potential for a renewed interest rate cut cycle by the Federal Reserve and persistent supply constraints [3]. - However, there is a need to monitor the delivery situation of COMEX silver and changes in inventory levels closely, as any easing of supply tightness could lead to significant price volatility [4]. - Standard Chartered Bank notes that while leasing rates remain high, they have decreased from October levels, indicating a potential easing of market tensions [5].

Core Viewpoint - The international silver price has officially entered the "60 USD era," with COMEX silver futures breaking through the 60 USD/ounce mark, reaching a high of 62.14 USD/ounce, and spot silver hitting a record of 61.6 USD/ounce. The cumulative increase in COMEX silver futures for the year has reached 109%, significantly outpacing gold's 60% increase, indicating that the silver bull market is accelerating [3][4]. Price Movement - Since early November, both domestic and international silver prices have risen significantly, with COMEX silver futures up over 24% and Shanghai silver futures also increasing by 24%, surpassing 14,419 CNY/kg [5][6]. - The rapid increase in silver prices has led to a reassessment of bullish expectations, with some analysts adjusting their outlook to a neutral rating due to the speed of the price rise [3][6]. Market Dynamics - Speculative funds have heavily entered the silver market, contributing to the short-term strength of precious metals. Exchanges have responded by increasing margin requirements and adjusting price limits [6]. - The recent surge in silver prices is attributed to two main factors: the inclusion of silver in the U.S. critical minerals list and the rising expectations of interest rate cuts by the Federal Reserve, which have increased from 40% to 95% [6]. Supply and Demand Factors - Global silver inventories have significantly decreased, with COMEX silver inventory dropping from 1.65 million tons to 1.42 million tons in two months, and both Shanghai and Hong Kong silver inventories reaching near 10-year lows [8]. - The gold-silver ratio has quickly declined from previous highs to around 72, the lowest since August 2021, indicating a shift in market dynamics [8]. Future Outlook - Analysts suggest that silver prices may continue to rise due to the combined effects of the Federal Reserve potentially restarting its rate-cutting cycle, rising inflation expectations, and ongoing declines in silver inventory [8]. - However, there is a need to closely monitor the delivery situation of COMEX silver and changes in inventory levels, as any easing of supply constraints could lead to significant price volatility [8][9].

今天下午指数探底回升，短线调整结束了吗？和讯投顾郑镇华分析。第一个，短线的探底回升是属于 3880点的第一个支撑的，支撑小反弹目前调整没有结束，特别是在中旬到月底之间，市场的弱势格局没 有变化，但是短线有两个因素对市场有直接影响，第一个是外部因素，美联储的降息预期，还有他的是 不是进一步的扩表对市场有较大影响。 第二个是咱们这边，比如说下午的房地产板块的回升，主要对于房地产贴息的影响，特别是重要会议会 不会再明确告诉大家，要不要降息或者降准那对市场会有影响，如果有的话那重磅利好市场可能还会再 上一下，如果没有的话，那我认为下面还有个二次牵连过程，特别是3850~3860这个重要支撑位置。极 端情况下3830如果月底到这些点位的话出现信号了。 ...

"因为白银涨势过快，将看涨预期下调至中性评级。"瑞士宝盛新世纪思维研究部主管Carsten Menke对第 一财经分析，11月初以来白银价格涨超20%，年内可能实现1979年以来首次翻倍。 12月10日，COMEX白银期货主力合约盘中强势突破60美元/盎司整数关口，最高触及62.14美元/盎司， 现货白银同步刷新历史纪录至61.6美元/盎司。 截至发稿，COMEX白银期货年内累计涨幅已达109%，实现翻倍增长，远超同期黄金60%的涨幅，市场 普遍判断白银牛市已进入加速阶段。 有机构因白银涨势过快，将看涨预期下调至中性评级 国际银价正式迈入"60美元时代"。 白银：投机性大涨？ 自11月初以来，国内外白银价格携手上涨。 截至12月10日,COMEX白银期货已累计上涨逾24%；同期沪银期货价格也累计上涨24%并突破14419元/ 千克。 交易人士告诉第一财经，投机资金大举涌入，短期在白银挤仓背景下，贵金属或维持偏强运行。 交易所也开始提高保证金比例和涨跌停板。12月10日盘后上期所发布通知称，自12月12日（星期五）收 盘结算时起，白银期货AG2602合约的涨跌停板幅度调整为15%，套保持仓交易保证金比例调整为 ...

中新经纬 . 中新经纬是由中国新闻社主办的财经新媒体，拥有中国互联网新闻信息采编发布服务资质。以手机客户端（APP）等为主要传播平台，以"权威、前瞻、 专业、亲和"为特色宗旨，传播财经资讯、解读经济政策、讲述商界故事，打造精英的财经资讯平台。 以下文章来源于中新经纬 ，作者李自曼 今年以来贵金属涨跌情况 截图自Wind 白银涨幅超黄金 Wind数据显示，2025年10月20日，现货黄金达到4381.29美元/盎司，创历史最高，此后一度回落至4000美元/盎司以下。近期，现货黄金价格在4200美元/ 盎司上下浮动。 白银涨幅超黄金。 文 ｜ 李自曼 编辑 ｜ 李晓萱 来源｜ 中新经纬（ID：jwview） 封面来源 ｜ I C photo 9日纽约交易时段，现货白银价格突破60美元/盎司关口，盘中价格一度冲高至60.83美元/盎司，创下历史新高。最终报收60.65美元/盎司，单日涨幅达 4.4%。 Wind显示，截至北京时间10日发稿前，现货白银价格年内涨幅超110%，现货黄金价格年内涨幅超60%。现货白银价格涨幅显著高于现货黄金，到底是何 原因？ | | | | 交易品种 | | | | | | --- | ...

Core Viewpoint - The price of silver has surged over 100% this year, outpacing gold, driven by supply-demand imbalances, expectations of a shift in U.S. Federal Reserve monetary policy, and unprecedented investment demand [1][3][4]. Group 1: Supply and Demand Dynamics - The primary driver of silver price increases is a severe supply-demand imbalance. The photovoltaic industry is the largest consumer of silver, with global silver usage in this sector expected to reach 7,560 tons by 2025, doubling from 2022 and accounting for 55% of total global silver demand [3]. - The silver consumption in the electric vehicle sector is projected to reach 2,566 tons, growing at over 12% annually. Additionally, silver usage in AI computing servers has increased by 30% compared to traditional equipment, and the construction of 5G base stations has also boosted silver demand [3]. - On the supply side, global silver production has fallen to 820 million ounces, a 12% decline from the peak in 2020. Notably, silver production in Mexico has decreased, and several silver mines in Peru have ceased operations, with recycled silver supply only growing by 1.2%, which is insufficient to meet industrial demand [3]. Group 2: Monetary Policy Impact - Expectations of a shift in U.S. Federal Reserve monetary policy are also significant contributors to the rise in silver prices. The market anticipates an over 80% probability of interest rate cuts in December, which would lower the holding costs for precious metals like silver, thereby supporting price increases [3]. Group 3: Investment Demand Surge - Investment demand for silver is projected to reach a historical high of 1.334 billion ounces by 2025, representing 37% of total global silver demand. Over the past six months, global silver ETF holdings have increased by over 500 tons, driven by both retail investors and institutional funds, particularly in the North American market [4]. Group 4: Divergent Institutional Views - Institutional perspectives on silver's price trajectory are divided. UBS has raised its 2026 silver price target to between $58 and $60 per ounce, with a possibility of reaching $65 per ounce. Citigroup and Standard Chartered predict silver prices will stabilize above $55 per ounce in late 2025 to early 2026 [6]. - Conversely, some institutions express caution. For instance, Rida Futures warns that the cumulative price increase of over 100% this year may lead to heightened sensitivity to macroeconomic data, potentially amplifying the risk of price corrections. TD Securities has cautioned that global silver supply will significantly increase in 2026, with ample inventory in London, suggesting that silver prices may retreat to the mid-$40 range early next year [6].

隔夜白银上涨4.4%，成功站上60美元重要关口，年内最大涨幅超过115%，涨幅领跑贵金属。本轮白银上涨是多种因素共振的结果，美联储降息预期 升温、全球供应紧张加剧，以及因其被列入美国关键矿产清单而获得的长期支撑等多重因素共同构成了上涨动力，综合各方因素来看，白银有望保持 当下上涨势头。 逼空大戏上演 库存持续紧张 这轮白银大涨，最直接的导火索在于年初关税引发的抢运潮。6月特朗普将钢铝关税提升至50%后，市场开始担心白银未来可能也被纳入高关税清 单，于是很多交易商抢先一步，把白银从伦敦金库运往美国，以躲避可能的高关税，这直接导致伦敦白银库存紧张。 最近美国的经济数据呈现明显的特征：就业市场降温、经济活动降温、通胀预期有所降温。美国2025年10月就业职位空缺数量为767万个，略高于去 年同期的761.5万个和9月份的765.8万个。雇主招聘数量为514.9万个，低于9月份的536.7万个和去年10月的535万个。10月雇主主动裁员和解职的人数 为185.4万个，环比和同比分别增加7.3万个和6.6万个，为2023年1月以来最高水平。最新公布的ADP就业数据显示，11月私营企业减少3.2万个工作岗 位，为2023 ...