Core Viewpoint - The silver market is experiencing a liquidity crisis, leading to a significant price increase, with silver reaching a historical high of $52.38 per ounce, a 73% increase since the beginning of the year [1] Group 1: Liquidity Crisis in the London Silver Market - The liquidity crisis in the London silver market is attributed to a long-term trend of declining inventory, exacerbated by short-term events and increased investment demand [2] - As of the end of July, the share of available silver inventory in London was approximately 20%, the lowest since data was published [2] - The imbalance between physical supply and demand and the financial market's leverage is a core issue, with non-ETF inventory at a ten-year low and significant ETF holdings creating a mismatch [2][3] Group 2: Factors Contributing to Price Surge - The surge in silver prices is primarily driven by tightening liquidity in the market and soaring silver borrowing rates, leading to a short squeeze [4] - The expectation of increased tariffs on silver imports due to U.S. policy proposals has raised concerns about supply chain stability, further tightening the market [3] Group 3: Investment Trends and Future Outlook - There is a notable structural inflow of funds into the silver market, with record high holdings in silver ETFs, indicating strong institutional interest [5] - Short-term projections suggest that silver prices may remain strong due to Fed rate cut expectations and supply-demand mismatches, while long-term trends indicate a shift from industrial metal to a value storage asset [5]

中经记者 郝亚娟 张漫游 上海、北京报道 截至10月15日14时，现货白银继续上涨，最高触及52.38美元/盎司。这可是时隔 45 年的历史新高，比 今年年初涨了整整73%。 不过，在这一轮上涨背后，伦敦白银市场正经历一场罕见的流动性危机，引发全球投资者高度关注。国 内投资者也纷纷将目光转向白银实物及白银期货类基金产品，寻求资产配置的替代选择。 三是关键矿产清单影响。美国地质勘探局（USGS）8月提议将白银纳入"关键矿产清单"，并依据《贸易 扩张法》第二百三十二条启动关税调查，市场预期可能加征最高50%的进口关税。这一系列政策预期， 迅速引发市场对白银供应链稳定性的担忧：关键矿产定位可能强化美国对白银资源的管控，而高额进口 关税预期又将显著增加海外白银输入成本。双重因素叠加，进一步加剧了伦敦白银市场的供应紧张格 局。 当前伦敦白银市场的上涨主要是流动性危机，金融市场通过期货合约和ETF创造了远超实物供应的杠杆 交易需求，而经济政策与地缘政治因素又在短期内加剧了流动性压力，短期难以缓解，白银市场将持续 处于"高波动、低流动性"的状态。 从价值洼地到投资热土 资金重塑白银价格逻辑 在流动性紧张的背景下，白银价格迎 ...