On December 24th, a major event occurred in the precious metals market—spot gold broke through $4,525 per ounce, and silver sharply touched $72.7 per ounce, both reaching historic highs. Since the beginning of the year, gold has increased by 72%, and silver has surged an astonishing 150%. This momentum directly ignited the commodity LOF market, with gold-themed LOFs, Harvest Gold LOF, and non-ferrous metal LOFs hitting daily limit-ups one after another, creating a very lively scene.

What truly surprised people was the performance of silver-related funds. One of the only silver futures LOFs in the entire market closed at a price of 3.116 yuan, which is a 68.19% premium over its net asset value of 1.7987 yuan from a couple of days ago—how crazy is this number? Over the past month, it has increased by 127.6%, with circulating scale surpassing 4.8 billion yuan, setting a new record.

Fund companies also noticed this "irrational" boom. On the same day, they issued urgent risk warning notices—Subscription limits for Class A shares remain at 500 yuan, while Class C shares were cut directly from 500 yuan to 100 yuan. This is already the 15th risk warning announcement in December—such a high frequency indicates that the issue is indeed worth paying attention to.

So, the question is: why did prices surge like this? Industry experts attribute it to three main factors: the easing cycle of global interest rate cuts, hedging demand from geopolitical tensions, and emerging demand from the AI industry for precious metals. The 68% super-high premium is mainly due to the small circulating volume, asymmetric purchase restrictions, and the difficulty of arbitrage operations—these combined factors have created this "strange phenomenon."

But here’s an important reminder: fund companies have explicitly stated that high premiums cannot be maintained forever. If you blindly chase after the rising trend, you may face the risk of narrowing premiums. Additionally, futures-based funds tend to have tracking errors and price volatility much higher than ordinary funds, so the risk factor should never be underestimated.