Core Viewpoint - The global silver supply is expected to tighten in the fourth quarter of 2025, with a projected decrease in mining output, which may support silver prices around $50 per ounce despite a lower shortage compared to last year [3]. Group 1: Silver Market Dynamics - As of November 19, silver futures are trading below 12,050, with a current price of 12,014 yuan/kg, reflecting a 1.06% increase from the opening price of 11,760 yuan/kg [1]. - The global silver mining supply reached 7,000.6 tons in Q3 2025, a decrease of 1.64% from Q2, and is expected to drop to 6,887.81 tons in Q4, a further decline of 1.61% [3]. - The World Silver Association anticipates a fifth consecutive year of global silver supply shortages, although the extent of the shortage is expected to be less severe than last year [3]. Group 2: Demand and Consumption Trends - Industrial silver consumption is projected to decline to 665 million ounces in 2025, a 2% decrease from the previous year, influenced by U.S. tariff policies and geopolitical uncertainties [3]. - The demand for silver in photovoltaic applications is expected to decrease by approximately 5% year-on-year due to reduced silver usage per component, despite record global installation levels [3]. - Demand for silver jewelry and silverware is forecasted to decline by 4% and 11%, respectively, while the demand for silver bars and coins is also expected to drop by 4% [3]. Group 3: Future Price Outlook - The tightening supply situation is unlikely to be fully alleviated, with expectations of a significant increase in silver imports in India during Q4, while China's photovoltaic silver demand remains resilient [3]. - After a period of correction, silver prices are anticipated to enter a new upward trend, with short-term targets set at 12,200 and medium-term at 12,500 [4].

芝加哥豪斯康珠宝行（House of Kahn Estate Jewelers）总裁托比娜·康恩（Tobina Kahn）在接受Kitco新 闻采访时表示，尽管她早已预料到会有大量顾客前来出售纯银制品，但连她也对涌入店铺的人流感到惊 讶。 纵观二手市场，康恩表示虽然消费者持续出售闲置黄金首饰等物品，但民间仍蕴藏巨大回收潜力。 多年无人问津之后，白银市场终于迎来万众瞩目——吸引的不仅是散户和机构投资者，还有藉此波史无 前例涨势套现的普通消费者。 "人们将此视为假日季前筹集急需现金的时间窗口，"她表示，"那些一直珍藏祖母纯银茶具的人们，现 在认识到了它的价值。我们看到的物品还包裹着至少二十年前的旧报纸。这就是人们持有这些物品等待 变现的时长。" 康恩透露，她近日从一位顾客手中收购了一套150盎司的纯银茶具，估价近5700美元。 "有些人曾视这些为家族传承，但在当前价格下， 情感价值已荡然无存，"她指出，"由于通胀肆虐，食 品杂货价格持续上涨。美元购买力不断萎缩。政府雇员面临无薪休假，很多人都为能在节日前获得这笔 意外之财而兴奋。" 不过康恩提醒，在消费者开始变卖餐具前，需确认其物品为纯银制品——即含92.5%银和 ...

Group 1 - International silver is currently trading above $49.16, with a reported price of $49.21, reflecting a 0.69% increase from the opening price of $48.88 [1] - The highest price reached today was $49.26, while the lowest was $48.42, indicating a bullish short-term trend for silver [1] - The broader trend for international silver shows significant volatility, with a medium-term upward movement and short-term price fluctuations [4] Group 2 - The U.S. government shutdown has entered its eighth day, with no resolution in sight, as both Republican and Democratic proposals for funding have been rejected [3] - The Senate voted 54-45 against the Republican-led temporary funding bill, which would have funded the government until late November, and a Democratic-supported bill also failed with a 47-52 vote [3] - The core issue of contention between the two parties is healthcare subsidies, with ongoing negotiations reflecting a battle over public sentiment and market reactions [3]

Core Insights - Gold and silver prices have reached historical highs in 2023, with silver prices surpassing $42 per ounce, marking a 14-year peak and a year-to-date increase of over 40% [1] - The Shanghai Futures Exchange's main silver futures contract has exceeded 10,000 yuan per kilogram, achieving a nearly 13-year high with a year-to-date rise of over 30% [1] - Demand for investment silver bars has significantly increased, while orders for semi-finished jewelry products have decreased due to rising silver prices [1] Industry Demand - Silver is widely used in industrial applications, including electronics, renewable energy, and healthcare, with the World Silver Association projecting that in 2024, industrial demand will account for 58% of total silver demand, jewelry 18%, and investment 16% [1] - The photovoltaic sector is expected to represent 17% of industrial silver demand [1] Market Influences - Global trade policy uncertainties and heightened geopolitical tensions have increased risk aversion, contributing to the rise in gold prices, which in turn has supported the steady increase in silver prices [1] - Policies such as interest rate cuts by the Federal Reserve have positively impacted the financial attributes of silver [1]

Core Viewpoint - The international silver market is experiencing a bullish trend, supported by lower interest rates and strong demand from the photovoltaic industry, despite some geopolitical risks limiting further price increases [3]. Group 1: Market Conditions - The Federal Reserve announced a 25 basis point interest rate cut in September, the first since December of the previous year, indicating potential further cuts within the year [3]. - Lower interest rates reduce the opportunity cost of holding non-yielding assets, providing support for silver prices [3]. - The international silver is currently trading above $41.95, with a recent high of $42.16 and a low of $41.62 [1]. Group 2: Demand Factors - The rapid development of the photovoltaic industry continues to drive demand for silver, as it is a core material in this sector [3]. - Recent market surveys indicate that the Saudi sovereign wealth fund has been increasing its holdings in silver ETFs, reflecting confidence from large institutional investors in the long-term value of precious metals [3]. Group 3: Geopolitical Influences - A reduction in geopolitical risks has limited the safe-haven premium for silver, with easing tensions in the Russia-Ukraine conflict contributing to a decrease in risk sentiment [3]. - U.S. President Trump expressed that the resolution of the Russia-Ukraine conflict is more complex than expected, but he remains hopeful about recent positive developments [3]. Group 4: Technical Analysis - Key support and resistance levels for silver are identified at $41 and $40.5, with expectations of high-level fluctuations within a bullish trend [3]. - The market is advised to focus on resistance levels at $42.00 and $42.30, while support levels are noted at $41.25 and $40.90 [3].

Core Viewpoint - Silver prices have surged, breaking the $39 mark, with a year-to-date increase of 35%, outperforming gold's 28% rise, driven by supply tightness and rising borrowing costs [2] Group 1: Market Dynamics - Silver prices rebounded from a low of $38.30, reaching a peak of $39.13 before settling around $38.41, indicating strong underlying demand despite profit-taking [1] - The one-month implied annual borrowing cost for silver has jumped to over 6%, significantly higher than the usual near-zero levels, contributing to the price increase [2] - Concerns over U.S. trade policies, particularly the potential for a 30% tariff on silver imports from Mexico, the largest silver producer, have further supported silver prices [2] Group 2: Technical Analysis - Silver is poised to test the $40.00 psychological resistance level, especially if upcoming inflation data or Federal Reserve statements weaken the dollar [3] - The bullish sentiment for silver remains intact as long as it does not fall below the key support level of $37.23, with $40.00 now identified as the next major resistance [4] - Technical traders are targeting a breakthrough of the $40.00 level to challenge long-standing resistance at $44.00, with clear support levels identified at $37.23–$37.32, $36.16, and $35.28 [4]

Group 1 - The core viewpoint is that ANZ (Australia and New Zealand Banking Group) expects silver prices to continue rising to $34 per ounce [1]