CITIC Futures: Silver short-term volatility rebound, with fluctuations may be greater than gold.

Short-term market risk sentiment recovered, silver has greater upward elasticity but higher volatility risk, and we need to be vigilant against the situation repeating. In the medium to long term, if the talks go smoothly and the strait fully reopens, geopolitical impact will trend short-term, the U.S. economy is expected to return to a recovery path, and the elasticity of silver industrial products will continue to be released; if negotiations collapse or enter into a long-term battle, the U.S. economy may gradually switch to a stagflation scenario, limiting the elasticity of silver commodities, but hedging and investment demand support inventory, silver prices still have support, and the overall trend is expected to follow gold.