Core Viewpoint - The price of silver has reached a historic high, driven by increased demand for safe-haven assets and tightening supply in the London spot market [1][3]. Group 1: Price Movement - On October 9, the spot silver price surged to over $50 per ounce, marking the highest level since the "Hunt Brothers squeeze" in the 1980s [1]. - The price continued to rise, reaching $51.06 per ounce, with a daily increase of 4.5% [1]. - Year-to-date, silver has appreciated over 70%, outperforming gold, which has also reached historical highs [3]. Group 2: Market Dynamics - Concerns regarding U.S. fiscal risks, an overheated stock market, and threats to the independence of the Federal Reserve have led investors to seek safe-haven assets [3]. - A shortage of freely available silver in the London market has supported prices and significantly increased the cost of borrowing silver [3][6]. - The current silver futures price on the New York Mercantile Exchange (Comex) remains below the historical record of $50.35 per ounce set in January 1980 [4]. Group 3: Industrial Demand and Supply Outlook - Silver is widely used in industrial applications, including solar panels and wind turbines, which together account for over half of silver consumption [6]. - The silver market is expected to experience a supply deficit for the fifth consecutive year by 2025 [6]. - The tightness in the London silver market is nearing unprecedented levels, with high borrowing costs for the metal [6]. Group 4: Historical Context and Speculation - The recent surge in silver prices has parallels to past spikes in 2011 and 2020, with the latter seeing a 140% increase in less than five months [7]. - Historical speculation by the Hunt Brothers in 1980 led to a significant price increase, which subsequently collapsed, illustrating the volatility of the silver market [7].

Group 1 - The international silver market is currently experiencing a phase of volatility, with prices reported at $36.75 per ounce, reflecting a decline of 0.45% [1] - The opening price for silver today was $36.88 per ounce, with a peak of $37.21 and a low of $36.64 [1] Group 2 - A recent report from Japan's labor organization indicated that the average salary for union workers has seen its largest increase in 34 years, yet this has not significantly improved the overall wage situation [2] - The disparity in wage growth between large corporations and small to medium enterprises (SMEs) is widening, with larger firms benefiting from stronger union representation and resources [2] - Many SMEs, which often lack unions, are struggling to keep up with wage increases due to limited profit margins and pressures from inflation [2] Group 3 - The silver market is currently in a consolidation phase, with a support level identified at $35.2; as long as this support holds, the bullish trend remains intact [3] - If the support at $35.2 is breached, it could trigger a more significant price correction [3] - Short-term trading strategies suggest focusing on buying on dips, particularly if prices fall to around $36 or $35.5, while caution is advised against chasing prices higher without a pullback [3] - Resistance is noted at $37.3, and a breakthrough could lead to further upward movement; however, short positions may be considered near $37 with strict risk management [3]