美银分析师David Jensen指出，作为全球重要的白银交易中 心，伦敦金银市场协会的地位正遭遇冲击。因为这个市场实际 上处于"停摆状况"，没有足够的白银现货满足数十亿美元白银 现货合约交割需求。 作者： 陈植 封图：图虫创意 "我从未见过如此状况，伦敦白银现货市场几乎没有流动性。"专注大宗商品期货投资的对冲基金格林兰特（Greenland Investment Management） 首席投资官Anant Jatia坦言。 随之而来的，是白银正上演逼空式上涨行情。 截至10月13日22时，伦敦白银现货报价达到51.91美元/盎司，盘中迭创历史新高51.97美元/盎司。与此同时，伦敦白银现货报价相比纽约COMEX 白银期货的溢价一度达到3美元的历史峰值。 "为了空单交割，不少在伦敦白银市场持有大量空单的投资机构干脆租用货机，将银锭从纽约运抵伦敦，这种状况以往只用于金条运输。"长期从事贵 金属期货交易的伦敦对冲基金交易员徐勇强向记者感慨道。这仅仅是过去7天伦敦白银市场一系列奇特景象的某个缩影。 他直言，当前伦敦白银市场几乎很难找到自由流通的白银现货。受此影响，伦敦白银现货的隔夜年化租赁利率一度超过100%，但 ...

Core Viewpoint - The London silver market is experiencing a severe liquidity crisis, leading to a short squeeze and significant price increases, with spot silver prices reaching historical highs [3][4][5]. Group 1: Market Conditions - As of October 13, the London silver spot price reached $51.91 per ounce, with an intraday high of $51.97 per ounce [4]. - The premium of London silver spot prices over New York COMEX silver futures peaked at $3, a historical high [4][12]. - The overnight annualized leasing rate for silver in London exceeded 100%, indicating a severe shortage of available silver for short delivery [4]. Group 2: Factors Influencing the Market - The liquidity crisis in the London silver market is attributed to three main factors: anticipated U.S. tariffs on silver imports, significant inflows into silver ETFs, particularly from India, and insufficient silver production to meet industrial demand [10][11]. - Over the past six years, the freely circulating silver inventory in London has decreased from 850 million ounces to less than 200 million ounces [11]. Group 3: Investor Behavior - Hedge funds and multi-strategy investment firms have increased their bets on rising silver prices, with a notable increase in net long positions in COMEX silver futures [5][12]. - The lack of resistance from short sellers has allowed silver prices to break through key psychological levels without significant pushback [8][10]. Group 4: Implications for Market Participants - The current situation has put short sellers in a difficult position, as they face high costs for rolling over their positions and potential forced liquidations if prices continue to rise [14][19]. - Major players in the market, including investment banks like JPMorgan, are heavily involved in providing liquidity and managing large short positions [16][17]. Group 5: Future Outlook - There is speculation about the potential influx of silver from New York and Hong Kong to alleviate the supply shortage in London, but uncertainties remain regarding the quality of the silver and customs delays due to government shutdowns [18][20]. - Analysts predict that the ongoing liquidity crisis could lead to significant price volatility in the silver market, with potential targets for silver prices set as high as $65 per ounce by 2026 [20].