#马年开工第一帖

On the first day of the Year of the Horse, the spot silver market experienced a "bittersweet" situation. International markets pulled back after a rally, while the domestic market saw a "violent surge" driven by the need for price catch-up, with a single-day increase of over 14%.

📊 Today's Market Overview

International Spot Silver: As of press time, prices hovered around $88.10 per ounce, with a daily high of $88.89, showing a pattern of rising and then pulling back.

Domestic Spot/Futures: The domestic market performed even stronger. Changjiang Spot #白银价格报 23,590 yuan/kg, with a daily increase of about 14.5%; Shanghai Silver main contract surged over 14% intraday, hitting a record high.

🔍 Core Logic Breakdown

Risk Aversion Sentiment Rising: Ongoing geopolitical tensions between the US and Iran, combined with uncertainties in US tariff policies, have boosted market risk aversion, leading to capital flowing into precious metals.

Supply and Demand Gap Widening: The global silver market has been in a supply shortage for several years, with persistent tight visible inventories providing solid support for prices.

Domestic Price Catch-up Demand: During the Spring Festival holiday, domestic markets were closed, and international silver prices increased by nearly 20%, widening the price gap between domestic and international markets. After the holiday, funds flooded in to fill the gap, amplifying the rally.

💡 Market Outlook

Many institutions remain cautiously optimistic about silver's future. Although short-term prices are at historic highs and caution is needed for a potential correction, in the long term, driven by industrial demand (photovoltaics, AI, new energy) and financial attributes, silver is expected to maintain a strong momentum.