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【Deutsche Bank: Be cautious as silver prices are too high, but the long-term demand outlook remains optimistic】
On December 15, Deutsche Bank stated that spot silver reached a record high last Friday, with an annual increase of over 120%, which means silver is expected to record its largest annual increase since 1979. The gold-silver ratio also briefly fell below 67, reaching its lowest level since June 2021, slightly above the average level of the past 50 years. The strength of silver is mainly due to the global exchange silver inventory having fallen to its lowest level in nearly a decade, and ETF holdings have also increased. According to Bloomberg data, silver ETF holdings increased by 1,145 tons in one month. Silver has risen too high and caution is needed. However, from a long-term perspective, the fundamental outlook for silver remains optimistic. Previously, the World Silver Association's demand report indicated that in the coming years, the demand for silver used in photovoltaics, electric vehicles, and data centers/artificial intelligence will see significant growth.