CITIC Futures: Silver's Financial Attributes Under Pressure, Structural Divergence Continues

First, strong employment data boosts interest rate expectations, putting downward pressure on silver’s financial attributes. Second, industrial demand expectations have not yet noticeably weakened, making silver prices more resilient relative to gold, but with more pronounced high volatility characteristics. Third, Shanghai silver remains relatively strong, indicating that the domestic and international market structures have not fully weakened, but capital battles have clearly intensified. If the US dollar and yields remain strong, silver price volatility will stay high; if subsequent macroeconomic data weaken again, silver still has room for recovery within the framework of “interest rate cuts + risk hedging.”