Core Viewpoint - Silver prices surged past $75 an ounce for the first time, driven by strong industrial and investment demand, persistent supply shortfalls, its recent designation as a U.S. critical mineral, and momentum-driven buying [1] Group 1: Demand Factors - Strong industrial demand is contributing significantly to the increase in silver prices [1] - Investment demand is also a key driver behind the surge in silver prices [1] Group 2: Supply Factors - There are persistent supply shortfalls in the silver market, which are impacting prices [1] Group 3: Regulatory Impact - Silver's recent designation as a U.S. critical mineral is influencing its market dynamics positively [1] Group 4: Market Dynamics - A wave of momentum-driven buying is further propelling silver prices upward [1]

东莞证券认为，白银行业正迎来金融属性凸显与工业需求爆发的双轮驱动，白银价格呈现震荡上行态 势。当前白银价格在宏观情绪向好、供需缺口扩大及金银比加速修复的共振下，中长期上涨具备动能。 1)金融属性逐步凸显。白银在金融领域兼具货币与投资属性，在历史上承担着重要的货币职能，如今仍 是抗通胀的储备资产，且因市场规模相对黄金较小，白银价格对宏观环境、市场情绪及资金走向更为敏 感，其风险与收益潜力较高；2)工业需求稳步提振。据世界白银协会统计，2024年全球白银消费结构 中，工业需求占比59%，珠宝首饰占18%，银币银条占16%。工业领域中光伏需求为197.6百万盎司，占 总需求约17%。 兴业证券认为，银价长期中枢抬升，工业属性放大弹性。美元周期定方向，金银长期中枢上移的趋势不 变；工业属性扩弹性，当经济周期上行或者宽财政、宽流动性时，金银比的阶段性修复行情会彰显白银 价格的弹性。当前，外国投资者持有美国国债占比持续下降，根据特里芬悖论，美元无法保持长期的稳 定性，货币属性的回摆将持续抬升金银的价格中枢。 12月18日，国内白银期货价格再度上涨。截至收盘，国内白银期货主力合约价格上涨3.44%，盘中价格 一度创出历史新 ...

Neils ChristensenNeils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @Neils_cShareDisclaimer: The views expressed ...

The Silver futures price has torn through every major resistance level this year, delivering one of its strongest annual performances in more than a decade. And it sucks, because the only time silver got a headline that I saw is when they called it the “Devil’s metal”. Meanwhile, every ATH for was blasted across every outlet. It’s why we have permanent anti-silver shills on Twitter. But that stops now! (and who knows, maybe we’ll get more popular silver-backed cryptos) Silver has now surged more than 12 ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Core Viewpoint - Silver prices have reached a record high, driven by strong inflows into exchange-traded funds (ETFs) and increasing industrial demand, indicating a shift in market dynamics away from gold [1][4]. Group 1: Price Movements and Market Dynamics - Silver rose by as much as 3.9% to a new record of $59.33 an ounce, marking its second weekly gain [1]. - Silver prices have approximately doubled this year, significantly outpacing gold's 60% rise [3]. - The recent rally in silver has been fueled by a historic squeeze in London, although supply constraints are now emerging in other markets, particularly with Chinese inventories at a decade low [3]. Group 2: Investor Sentiment and Economic Indicators - Strong inflows into silver-backed ETFs have been recorded, with the highest additions for any full week since July, reflecting robust investor appetite [1]. - The Federal Reserve's anticipated interest rate cuts are expected to support silver prices, as lower borrowing costs typically benefit non-yielding precious metals [4]. - Despite recent positive US employment data, market expectations for Fed rate cuts remain strong, indicating a resilient investment sentiment towards silver [4]. Group 3: Future Projections and Industrial Demand - Analysts from Citigroup predict silver could rise to $62 an ounce in the next three months, driven by Fed cuts, strong investment demand, and a physical deficit [5]. - Silver's value extends beyond investment, as it is essential in various applications, including circuit boards, solar panels, and medical device coatings, with global demand outpacing mine output for five consecutive years [5].

Core Insights - The article discusses the current state of industrial demand and investment demand, highlighting a significant deficit in the market [1][2]. Group 1: Industrial Demand - There is a notable deficit in industrial demand, which is impacting overall market conditions [1]. - The article emphasizes the need for increased investment to address the shortfall in industrial demand [2]. Group 2: Investment Demand - Investment demand is critical for sustaining industrial growth and mitigating the existing deficit [1]. - The article suggests that without adequate investment, the industrial sector may face prolonged challenges [2].

Precious Metals - Spot silver prices are currently trading around $48.58 per ounce, marking the highest level since 2011, driven by safe-haven flows, industrial demand, and persistent supply deficits [2] - Earlier fluctuations saw silver prices dip to $47.71 per ounce, but the overall trend indicates strong buying activity [2] Automotive Sector - Toyota Motor Corporation is recalling approximately 394,000 vehicles in the U.S., including 2022-2025 Tundra and Tundra Hybrid models, due to faulty software affecting the multimedia display [3] - The recall is initiated to address issues that could obstruct the rearview camera view while reversing, increasing crash risk [3] - Customer notifications for the recall are expected to begin in late November 2025 [3] Geopolitical Developments - U.S. President Donald Trump has indicated a tentative decision regarding the supply of Tomahawk missiles to Ukraine, emphasizing the need to understand their intended use to avoid escalating the conflict [4] - Ukrainian President Volodymyr Zelenskyy has requested these missiles to enhance Ukraine's strike capabilities against Russian targets [4] - Russian President Vladimir Putin has warned that supplying these missiles could harm U.S.-Russia relations [4] Energy Markets - OPEC+ has decided not to consider a stronger increase in oil production at its recent meeting, with an agreement to raise output by 137,000 barrels per day for October and a similar increase planned for November [6][7] - Russian Deputy Prime Minister Alexander Novak confirmed that the oil market is currently balanced and that OPEC+ members are compliant with existing commitments [6][7] Economic Indicators - Switzerland's foreign currency reserves increased to 726.74 billion Swiss Francs (CHF) in September 2025, up from 715.16 billion CHF in August [8] - The Swiss National Bank (SNB) has been actively purchasing foreign currencies, with interventions totaling approximately 5.1 billion CHF (around $6.4 billion USD) in the second quarter of 2025 [8]