Core Viewpoint - The international silver price experienced significant volatility, reaching a historic high before a sharp decline, with both spot silver and COMEX silver futures surpassing $80 per ounce for the first time [1][3]. Price Movement - On December 29, spot silver surged nearly 6%, approaching $84 per ounce, but subsequently fell to the $75 per ounce range, with spot silver at $75.68 and COMEX silver futures at $75.22 by 18:00 [3][4]. - Year-to-date, spot silver and COMEX silver futures have seen cumulative increases of over 160% and 150%, respectively, significantly outpacing gold prices, which have risen around 70% [5]. Market Dynamics - Analysts attribute the extreme volatility in silver prices to its smaller market size and lower liquidity, alongside unique industrial properties and a significant supply-demand mismatch [5][6]. - Over half of silver demand comes from industrial applications, particularly in green industries like photovoltaics and electric vehicles, which have created strong incremental demand [5][6]. Future Outlook - The silver market is expected to exhibit a complex landscape characterized by high volatility and fundamental support [5][6]. - Short-term risks include overheated speculative sentiment and overbought technical indicators, while medium-term support is anticipated from robust industrial demand and tight inventory levels [5][6]. Investment Recommendations - Investors are advised to recognize and adapt to the high volatility of silver, avoiding chasing prices. It is recommended to invest through regulated silver ETFs or to purchase physical silver during price corrections [6]. - Caution is advised regarding leveraged futures, options, and over-the-counter derivatives, with a focus on maintaining risk control [6].