Yardeni分析师指出，美东时间上周五下午2点，芝加哥商品交易所集团宣布上调黄金、铂金、钯金和铜 的保证金要求，新规将于周一收盘后正式生效。这是芝商所三天内第二次上调保证金要求：将黄金保证 金比例从6%上调至8%；白银从11%上调至15%；铂金从12%上调至15%；钯金从14%上调至16%。 智通财经2月2日讯（编辑 卞纯）上周五，随着美国总统特朗普公布美联储下任主席人选，贵金属市场 发生巨震，金银价格遭遇史诗级暴跌，令不少投资者受到惊吓，但华尔街分析师似乎对此并不恐慌。 Yardeni Research的分析师表示，尽管安硕白银信托（iShares Silver Trust）——全球规模最大、流动性最 强的白银ETF之一——上周五下跌了28.5%，至75.44美元，而SPDR 黄金信托（SPDR Gold Shares） ——全球规模最大、流动性最佳的实物黄金ETF——下跌了10.3%，至444.95美元，但这两只ETF的交 易量并未显示出市场出现恐慌性抛售的迹象。 据道琼斯市场数据显示，iShares Silver Trust上周五的百分比跌幅创下有史以来最大纪录。 "芝商所在周五收盘前提前宣布上调保证 ...

Group 1: Silver Price Surge - Silver prices surged 10.21% overnight, reaching an all-time high of $79.25, driven by increased consumption in solar panels, electric vehicles, AI hardware, and a looming shortage [1] - Over the past year, silver prices have increased by 173.72%, significantly outpacing gold's 73.97% increase during the same period [3] Group 2: Supply Constraints - The physical silver market is experiencing supply strain, indicated by delivery delays, widening bullion premiums, and inventories at multi-year lows [2] - Global silver production is around 1 billion ounces, but analysts predict a deficit of 115–120 million ounces this year, marking the fifth consecutive annual shortfall due to insufficient mine output [3] Group 3: China's Export Controls - China, which produces 60%–70% of the world's silver, plans to impose new export controls starting January 1, 2026, requiring government licenses for silver shipments [4] - The new regulations will favor state-approved producers with significant output and financial backing, potentially sidelining smaller exporters and impacting international supply [4] Group 4: Retail Price Trends - Reports indicate that retail prices for silver in China and the UAE are ranging between $86 and $100 per ounce amid a supply shock [5] Group 5: Tokenization of Silver - Interest in on-chain tokenized silver is increasing as a way for investors to gain exposure without the complexities of physical storage and logistics [2][6] - The iShares Silver Trust by BlackRock is highlighted as one of the largest and most widely traded silver-backed ETFs, reflecting the growing interest in tokenized silver [6]