Recently, futures exchanges have frequently adjusted margin rules for precious metals, but this does not seem to dampen investors' enthusiasm. Silver prices have repeatedly approached historic highs, reflecting genuine market demand.

Interestingly, more and more investors are no longer satisfied with virtual futures contracts; they are turning to direct holdings of physical silver, gold, and other precious metals. This shift in demand structure is no coincidence—when regulatory restrictions cannot alter market expectations, capital naturally flows toward more tangible assets.

From the spot supply side, the global silver inventory shortage has become a fact. The upcoming large-scale delivery period will be a critical point. If sufficient physical silver cannot be supplied at that time, the pressure on the short side will instantly become apparent—if they cannot find enough spot silver to complete deliveries, it often triggers sharp price fluctuations in history.

This supply and demand imbalance in the precious metals market is driving gold, silver, and other precious metals to continuously reach new highs.