Recently, CME's decision to raise margin requirements for silver futures has once again sparked market discussions. On the surface, this is a routine risk management measure, but some market observers point out that it reflects deeper changes in the current supply landscape of the silver market.

From a technical perspective, margin adjustments indeed suppress speculative enthusiasm, but more attention should be paid to the actual status of physical silver inventories. As global industrial and strategic demand increases, silver reserves in London vaults have fallen to around 22,000 tons, a figure that has been steadily declining over the past decade.

Some market participants expect that this supply pressure will eventually push silver prices higher, with targets possibly reaching $200 per ounce. Unlike the period when the Hunt brothers attempted to monopolize the silver market in history, today's competition is more diversified—governments, industrial buyers, and investment institutions are all vying for limited physical supplies.

Especially after the US and the EU recently classified silver as a strategic mineral, silver's attribute has shifted from a simple commodity to a strategic resource. China's adjustments to export policies have also intensified concerns about the global market's access to silver.

Against this backdrop, some market analysts believe that any price pullback could present a long-term entry opportunity for holders. However, such judgments still require close attention to policy developments, supply chain dynamics, and further evolution of the global macroeconomic environment.