HK Stock Market Move | CHI SILVER GP (00815) fell more than 10% in late trading; silver prices have halved from their year-to-date highs; Goldman Sachs says industrial demand is under pressure.

CHI SILVER GP (00815) fell more than 10% in late trading. As of press time, it was down 7.87% at HK$0.164, with a turnover of HK$13.5239 million. On the news front, on Tuesday, the intraday decline in spot silver widened to 2%, to US$52.77/oz, down more than 56% from its January high. Goldman Sachs commodities strategist Quinn believes the silver market is caught in a double dilemma. The brief pullback in the dollar failed to lift silver prices, and the simultaneous collapse of AI data centers and the CECEP Solar Energy sector has pulled the rug out from under the industrial demand logic for silver. Yuan Zheng, precious metals researcher at Galaxy Futures, pointed out that about 90% of gold's value is supported by its monetary attributes, safe-haven demand and central bank reserves, with industrial demand accounting for a very low share. But about half of silver's value comes from industrial demand such as photovoltaics, electronics and new energy. When macroeconomic expectations reverse, gold mainly bears a correction in its financial attributes, while silver must simultaneously bear the drag from its industrial attributes and a correction in its financial attributes.