Core Viewpoint - Silver prices surged to a historic high, breaking previous records due to multiple factors including expectations of a Federal Reserve rate cut, continued inflows into precious metal ETFs, and ongoing supply constraints [1][2]. Group 1: Price Movement - On Friday, silver prices jumped over 5.6%, reaching $56.547 per ounce, marking the highest price ever recorded [1]. - Year-to-date, silver has increased nearly 90%, making it one of the strongest performing commodities [2]. Group 2: Supply and Demand Dynamics - The recent price surge follows a significant supply squeeze in London, where inventory shortages led to price spikes above those in Shanghai and New York [1]. - Approximately 54 million ounces of silver have recently flowed into the London market, but supply remains tight, with one-month silver borrowing costs still significantly above normal levels [1]. - The market anticipates a fifth consecutive year of silver supply shortages, driven by strong industrial demand, particularly in solar photovoltaic and electronics manufacturing [2]. Group 3: Market Risks - Silver has been listed as a "critical mineral" by the U.S. Geological Survey, which may subject it to tariff discussions in the future [1]. - Since early October, 75 million ounces of silver have exited New York Comex warehouses, leading to cautious behavior among traders regarding overseas shipments due to fears of sudden price premiums in the U.S. market [1].