Group 1 - Silver prices surged to a new record high, nearing the $85 mark before pulling back to around $80 due to fears of a global supply shock from Chinese export restrictions [1] - China's imposition of export licensing on silver, effective January 1, 2026, is a primary catalyst for the price surge, restricting flows from a major net exporter [4] - The physical silver market shows a significant arbitrage gap, with prices in Shanghai reaching $91 per ounce while Western paper markets trade around $77–$80 [4] Group 2 - The CME raised silver margin requirements to $25,000 per contract to curb volatility, but the current leverage in the system is lower than during the 2011 crash [6] - Long-term demand driven by solar and AI technologies is creating a structural deficit, with bullish sentiment remaining strong despite short-term volatility [6] - Notable figures in the investment community, such as Robert Kiyosaki, are optimistic about silver's potential, speculating on future price targets [6]