Media reports on June 11 highlight significant financial strain among silver investors.

One individual involved in silver wholesale in Beijing, using the pseudonym Zhang Qiang, commented that losses in the hundreds of thousands are relatively common, with many in his circle experiencing seven-figure deficits, describing the emotional toll as indescribable.

He shared an example of a client who invested over two million yuan in silver plate material when prices were around 22 yuan per gram in February, resulting in an unrealized loss of approximately 700,000 yuan by June 10.

Another Beijing-based silver wholesaler at Tianya Jewelry City, using the pseudonym Bai Ming, expressed his anxiety over the recent continuous decline in silver prices, stating that holding substantial physical inventory means facing daily losses in the tens of thousands of yuan as soon as the market opens.

Amidst fluctuating international conditions, gold and silver prices have been volatile, attracting investors hoping to buy low for quick profits.

Near the end of January this year, just before the Spring Festival, as silver prices surged, a customer at a precious metals recovery shop in Zhengzhou purchased two investment-grade silver bricks, each weighing 15 kilograms, for a total of over 810,000 yuan based on the price of 27 yuan per gram at the time.

The shop employee, Xiao Wu, noted that the customer aimed to capitalize on the rapid price increase for a fast return.

Recently, with the decline in silver prices, the value of one such brick has fallen to around 290,000 yuan.

Xiao Wu mentioned that upon recent contact, the customer lamented being stuck with the two bricks, unable to sell without incurring a loss, resulting in a nearly 240,000 yuan deficit over three months—an amount equivalent to the price of a high-quality vehicle.

Zhan Dapeng, a nonferrous metals analyst at Everbright Futures, provided commentary on the macroeconomic landscape, pointing to the release of dense U.S. macroeconomic data that validates both economic resilience and inflationary pressures.

On the economic front, the ISM Manufacturing PMI rose to 54, marking its highest level since May 2022, with the New Orders Index significantly increasing by 2.7 points to 56.8, remaining in expansionary territory for five consecutive months.

However, the Prices Paid Index remained elevated at 82.1, staying in a high-risk zone above 80 for two months, indicating that energy cost pressures from Middle East conflicts are transmitting downstream.

More critically, U.S. non-farm payrolls added 172,000 jobs in May, far exceeding market expectations of 85,000, with April's data revised up to 179,000, while the unemployment rate held steady at 4.3%.

The resilience in the economy and job market, combined with the backdrop of persistent inflation rebound, has rapidly compressed market expectations for Federal Reserve rate cuts, while expectations for rate hikes have intensified, with several Fed officials adopting a hawkish stance, including Governor Waller's support for removing language suggesting an easing bias from policy statements.

Geopolitically, U.S.-Iran negotiations have been marked by brinkmanship, introducing uncertainty into predictions for the Middle East situation; despite repeated statements from former President Trump about an impending deal, no agreement has been materialized to date, adding to market volatility.

Zhan Dapeng believes the short-term focal point for precious metals is the upcoming Federal Reserve policy meeting in June.

While the market has nearly priced out the possibility of rate cuts this year and steadily increased the probability of hikes, participants still hope to glean the Fed's stance on inflation characterization and future rate-cut expectations from the meeting.

He advises lowering expectations for gold prices in the first half of the year and monitoring for potential anomalous "buy the rumor, sell the fact" volatility around the Fed meeting, while also keeping an eye on the progress of U.S.-Iran talks.

Silver, platinum, and palladium are generally following gold's downward trend but with significantly higher volatility; if a U.S.-Iran ceasefire materially progresses alongside confirmed stabilization in gold, these metals might experience a corrective rebound, but caution is warranted until then, he stated.