Group 1 - The core viewpoint of the news is that silver prices have reached historic highs, with spot silver surpassing $57 per ounce and domestic futures breaking through 13,000 yuan per kilogram, indicating a strong performance in the silver market [2][3]. - Year-to-date, international silver prices have increased by over 90%, significantly outperforming gold, with notable price movements occurring in October and November [3]. - The recent surge in silver prices is attributed to multiple factors, including rising expectations for a Federal Reserve rate cut, a weakening dollar index, and a decline in silver production leading to supply shortages [5]. Group 2 - The market anticipates an 87.4% probability of a 25 basis point rate cut by the Federal Reserve in December, which supports precious metal prices [5]. - The decline in global silver inventories to near a decade low, coupled with increasing industrial demand from sectors like photovoltaics and electric vehicles, has intensified market tension [5]. - Analysts suggest that while there may be short-term volatility due to profit-taking pressures, the long-term supply-demand fundamentals support a bullish price outlook for silver, with a projected target price of $65 per ounce by 2026 [5].

智通财经APP获悉，Metals Focus最新发布的贵金属周报指出，10月中下旬，白银价格剧烈波动。在短短两个月内累计上涨近40%，并于10月17日触及 54.48美元/盎司的阶段高点。随后，白银出现近年来最大单日跌幅，下挫约16%(约9美元)，于10月28日触及45.56美元/盎司的近期低点。尽管短期波动显 著，但白银年初至今仍累计上涨约67%，创下自2010年以来最强年度表现(当年涨幅为82%)。虽然本轮贵金属整体回调的具体触发因素尚不明朗，但从技 术层面来看，此轮调整早已酝酿多时。鉴于市场对本轮涨势能否持续的担忧加剧，出现一定程度的技术性获利回吐也在情理之中。Metals Focus表示，持 续存在的关税不确定性，叠加白银稳健的供需基本面，预计将继续对白银价格构成支撑。 伦敦场外交易市场(OTC)实物流动性改善的初步迹象、中美贸易关系的乐观预期，以及美联储在降息问题上的谨慎表态，也共同对白银价格带来下行压 力。最新一轮白银上涨行情，主要受到伦敦市场严重流动性紧缩的放大效应推动。造成这一紧缩的核心因素包括：年初因关税问题引发的大量白银流向美 国、排灯节(Diwali)前印度需求的显著回升，以及强劲的投资 ...