Group 1: Silver Price Surge - International silver prices have seen a significant increase, with London silver reaching $38.24 per ounce and New York silver at $38.55 per ounce as of July 15, marking a year-to-date increase of 35% [2][3] - The surge in silver prices is attributed to rising geopolitical tensions and increased demand for safe-haven assets, particularly following Trump's announcement of tariffs on multiple countries [2][3] - Silver ETFs have outperformed gold ETFs, with an 18% increase in the last three months compared to gold's 4% [2] Group 2: Supply and Demand Dynamics - The global silver supply has been unable to meet demand, with a reported supply gap of 5,000 tons last year, as total demand reached 36,700 tons while supply was only 31,700 tons [4][5] - The World Silver Association predicts that this supply shortage will continue, with an expected shortfall of approximately 3,660 tons by 2025 [5] - The industrial demand for silver, particularly in the photovoltaic and new energy sectors, is a key driver of this increasing demand [3][4] Group 3: Geopolitical and Economic Influences - The ongoing geopolitical tensions and the potential for changes in U.S. monetary policy under the Federal Reserve are influencing market dynamics for precious metals [6][8] - The potential replacement of Federal Reserve Chairman Jerome Powell could accelerate the pace of interest rate cuts, impacting the strength of the U.S. dollar and subsequently benefiting gold and silver prices [8][9] - Market participants are advised to remain cautious regarding short-term price movements, particularly for gold, while considering silver as a favorable investment due to its current performance and market conditions [9][10]

Core Insights - The global silver market is experiencing a historic breakthrough, with spot silver prices stabilizing above $36, nearing a 13-year high, and rising for six consecutive trading days [1] - The World Bank's latest report predicts a 17% increase in silver prices by 2025, driven by both industrial and financial attributes [1] Group 1: Supply and Demand Dynamics - The supply-demand gap for silver is widening due to stagnant growth in global silver mining and a high by-product silver ratio of 70%, compounded by rising ESG costs and frequent strikes in major producing countries [3] - COMEX inventory saw a reduction of 2.46 tons on June 24, while ETF holdings increased by 127.21 tons, indicating institutional recognition of silver's long-term value [3] - Demand is structurally surging, with silver usage in photovoltaic applications expected to grow at an annual rate of 5.7%, reaching 7,560 tons by 2025, accounting for 34% of industrial demand [3] - In the electric vehicle sector, silver usage per vehicle is projected to increase by 71% to 35 grams, leading to an additional demand of 1,400 tons from an annual production of 40 million vehicles [3] Group 2: Financial Attributes and Market Trends - The current gold-silver ratio stands at 91:1, significantly deviating from the historical average of 40-70:1, which has historically led to substantial price increases for silver during previous corrections [4] - The anticipated onset of a Federal Reserve rate-cutting cycle is expected to enhance silver's holding value, with a greater than 70% probability of rate cuts by Q3 2025 [4] - Recent data shows an increase in silver options volatility, with the SVXY index rising from 35 to 48, reflecting heightened market expectations for price fluctuations [4] Group 3: Trading Platform Innovations - The company has developed a three-tiered protective system to address common industry pain points such as data fraud and slow withdrawals [5] - The trading platform offers a fully transparent trading chain, with unique transaction codes for verification and compliance with FCA transparency requirements [5] - An intelligent risk control system dynamically adjusts leverage based on market volatility, effectively managing risk during market downturns [5] - The platform's cost optimization mechanism features lower spreads and an instant rebate system, allowing high-frequency traders to save significant costs [5] Group 4: Investment Strategies - Short-term strategies focus on opportunities arising from the Fed's anticipated rate cuts, with bullish signals identified when silver prices exceed $34.5 per ounce [6][7] - Long-term strategies recommend increasing silver allocation in core asset portfolios to 10%-15%, leveraging the platform's dynamic leverage adjustments and rapid withdrawal features to manage extreme market conditions [6][7] - The strategic opportunity in the silver market is characterized by industrial demand and financial recovery, positioning the company as a reliable partner for investors navigating market cycles [6][7]

Core Viewpoint - The silver market is experiencing a structural rally driven by industrial demand and financial attribute recovery, with spot silver prices surpassing $36 and reaching a 13-year high [1][3]. Market Driving Logic: Dual Dynamics of Supply-Demand Gap and Policy Window - Industrial demand is reconstructing the price system, with silver consumption in the photovoltaic sector expected to grow significantly, leading to a projected supply-demand gap of 149 million ounces by 2025 [3][4]. - The financial attributes of silver are recovering, with a high probability of a Federal Reserve rate cut in September, which is expected to provide upward momentum for silver prices [4]. Trading Strategy: Risk Control and Tool Selection in a Volatile Market - A combination of trend tracking and range trading is recommended, with specific signals identified for bullish trends when silver prices break certain resistance levels [5]. - A multi-dimensional risk control system is in place to manage extreme market conditions, ensuring efficient order execution and minimal slippage [6]. Platform Selection: Differentiated Advantages of Compliance Ecosystem and Technological Innovation - The trading platform offers a rapid trading experience with execution speeds as low as 0.01 seconds, enhancing user efficiency during volatile market conditions [9]. - Cost structure optimization is achieved through a "zero commission + ultra-low spread" strategy, significantly reducing trading costs for high-frequency traders [10]. - Full-chain compliance guarantees are established, ensuring traceability and independent fund storage, which mitigates the risk of fraudulent transactions [11]. Outlook for the Second Half of the Year: Capitalizing on Dual Dividends of Supply-Demand Gap and Policy Shift - The period around the Federal Reserve's September meeting is identified as a critical window for potential investment in silver, with recommendations to build positions if the gold-silver ratio falls below 80:1 [12]. - Long-term strategies suggest increasing silver allocation in core asset portfolios to 10%-15%, aligning with global central bank trends [12].

Group 1 - Silver prices have reached a nearly 13-year high, with London spot silver surpassing $36 per ounce on June 6, marking the highest level since February 2012, and a weekly increase of over 10% [1] - The Shanghai silver futures contract also saw a significant rise, exceeding 8800 yuan per kilogram, setting a new record since its listing [1] - In contrast, the spot gold price saw a modest increase of approximately 0.6% over the past week [1] Group 2 - The appeal of precious metals, including silver, as traditional safe-haven assets has increased due to escalating trade tensions, rising dollar outflows, and heightened economic uncertainty [4] - Industrial demand for silver is a crucial factor driving its price increase, with applications in electronics, photovoltaic industries, and new energy vehicles [7] - In 2023, China's industrial silver demand reached 8124 tons, reflecting a year-on-year growth rate of 44%, making it the largest industrial silver consumer globally [7] Group 3 - The supply of silver from mining is limited, leading to a tight market balance as industrial demand continues to grow [8] - The market perceives silver to be significantly undervalued relative to gold, with expectations for the gold-silver ratio to revert, contributing to silver's price recovery [8]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - On June 6, 2025, the Shanghai silver futures market saw a significant increase, with the main contract rising nearly 4% and hitting a record high of 8,804 yuan/kg. The increase was driven by factors such as geopolitical risks, expectations of Fed rate cuts, growing industrial demand, and the undervaluation of silver relative to gold [3]. - The silver market remains uncertain. While geopolitical easing and a shift in Fed policy could curb price increases, long - term industrial demand from the new energy sector may support prices [4]. - The stock index is expected to continue a strong and volatile upward trend next Monday due to a phone call [7]. - Gold is in a short - term oscillatory pattern but is still bullish in the long run. It's advisable to buy on dips rather than chase the price [11][12]. - Iron ore is a strong black - series variety. Despite overvaluation risks due to weak reality, falling port inventories support the market, and a bullish and oscillatory view is appropriate [15][16]. - Glass needs the effect of real - estate stimulus or major policy changes. Technically, it maintains a bullish and oscillatory view [17][18]. - Urea is expected to continue a weak adjustment in the short term, with a daily production of about 205,600 tons and an 87.23% operating rate, and slow agricultural demand [19]. 3. Summary by Related Catalogs 3.1 Shanghai Silver Futures - **Price Movement**: On June 6, 2025, the main contract of Shanghai silver futures rose nearly 4% to a record high of 8,804 yuan/kg [3]. - **Driving Factors**: Geopolitical risks, expectations of Fed rate cuts in 2025, increased industrial demand from the new energy sector, and the undervaluation of silver relative to gold [3]. - **Outlook**: Uncertainty exists. Short - term price increases may be curbed, but long - term industrial demand from new energy could support prices [4]. 3.2 Stock Index - **Market Outlook**: Expected to continue a strong and volatile upward trend next Monday due to a phone call [7]. 3.3 Gold - **Market Pattern**: Currently in a short - term oscillatory pattern, but bullish in the long run [12]. - **Operation Suggestion**: Buy on dips rather than chase the price [11]. 3.4 Iron Ore - **Market Situation**: Despite overvaluation risks from weak reality, falling port inventories support the market, remaining a strong black - series variety [15][16]. - **Technical View**: A bullish and oscillatory view is appropriate as the support level was tested effectively today [15]. 3.5 Glass - **Market Condition**: Supply has no major cold - repair due to losses, high factory inventories, and weak downstream demand. It awaits real - estate stimulus or major policies [17][18]. - **Technical Outlook**: Maintains a bullish and oscillatory view with a high - closing positive line today [17]. 3.6 Urea - **Supply**: Domestic daily production is about 205,600 tons, with an operating rate of about 87.23% [19]. - **Demand**: Agricultural demand is slow, and downstream participation is limited [19]. - **Price Trend**: Expected to continue a weak adjustment in the short term [19].

Group 1 - The metal market has seen a simultaneous surge in silver and platinum prices, with silver reaching a 13-year high and platinum hitting a two-year high [1][3] - As of June 6, the spot silver price increased by 9.04% this week, reaching $35.9648 per ounce, while COMEX silver futures rose by 9.37% [1][3] - Platinum prices also reached $1152 per ounce, marking the highest level since March 2022, with a 1.7% intraday increase [3] Group 2 - The strong performance of precious metals has led to significant reactions in the domestic A-share market, with several silver-related stocks hitting the daily limit up [3] - The rise in silver and platinum prices is attributed to increased industrial demand for precious metals and heightened investor interest in safe-haven assets amid economic uncertainties [3][4] - The silver-to-gold ratio has surpassed 100, indicating that silver is significantly undervalued relative to gold, which is driving expectations for a price correction in silver [4] Group 3 - The industrial application of silver has notably increased, particularly in the photovoltaic industry, leading to a tight supply-demand situation [4] - Speculative funds are flowing into silver, increasing investment demand, as evidenced by rising non-commercial net long positions in COMEX silver futures [4] - Investors are advised to consider purchasing platinum and silver ETFs to participate in the current market trend, benefiting from low costs and flexible trading options [4]

Group 1 - Silver and platinum prices have surged, with silver reaching a high of $36.263 per ounce, the highest since February 2012, and platinum hitting $1172.59 per ounce, the highest in nearly two years [1][2] - Year-to-date, silver has increased by approximately 24% and platinum by 28%, comparable to gold's performance [1] - The rise in precious metals is attributed to geopolitical tensions, fluctuating tariff policies, and recovering demand, alongside technical factors driving price increases [1][2] Group 2 - The gold-silver ratio reached a historical high of 106 when gold prices surged to $3500 per ounce, prompting hedge funds to shift positions from gold to silver [2] - Historical trends indicate that when the gold-silver ratio exceeds 80, silver has a 70% probability of experiencing a price increase, with expectations of returning to a more reasonable range of 60-70 [2] - Strong physical silver demand from India and recovering platinum demand from China are contributing to the market's upward momentum [2][3] Group 3 - Economic recovery is expected to significantly boost industrial demand for silver, which is essential in various sectors such as electronics, photovoltaics, and automotive manufacturing [3] - Silver's role in clean energy technologies provides a solid fundamental support for its price increase [3] - Current market analysis suggests that silver's upward trend is likely to continue until a significant risk event disrupts the price trajectory [3]