Strategists: Factors such as weakening expectations of a Fed rate cut may reshape the pricing logic of silver.

J. Safra Sarasin strategist Claudio Wewel points out that the continued surge in silver prices stems from weakened market expectations for a US interest rate cut and silver's newly acquired critical mineral status. The US Department of the Interior added silver to its critical mineral list in November, increasing the likelihood of US tariffs on the metal. He notes that this exacerbates the long-standing supply shortage and prompts US importers to accelerate silver purchases. Meanwhile, retail investors, finding it difficult to purchase gold at historically high prices, are turning to silver as a safe-haven asset. (Jinshi)