Goldman Sachs: Silver is in a dual predicament, selling $2.2 billion in three weeks, AI and photovoltaics weaken simultaneously BlockBeats News: On October 22nd, Robert Quinn, a commodity strategist at Goldman Sachs, described the silver market as "still stuck" in his latest report. Over the past three weeks, managed funds have cumulatively sold approximately $2.2 billion in silver futures, with net long positions falling to the lowest level in Goldman Sachs' two-year data. At the same time, the 3-month put/call option bias of silver once rose to the one-year 98% percentile, indicating a significant increase in market risk aversion. White Bank is facing dual pressure from the US dollar and industrial demand. Between October 13th and 20th, the US dollar index fell by 0.5%, while silver fell by 2.6%; During the same period, US solar stocks fell 4.7%, Chinese solar stocks fell 1.6%, and data center related stocks plummeted 7.9% due to concerns over memory, new cloud computing, and credit risk, weakening market expectations for silver industry demand. Quinn pointed out that the risk aversion triggered by the AI sector's sell-off may lower the US dollar, but the deterioration of AI investment prospects will also hit the industrial demand logic for silver, forming a mutually reinforcing negative feedback. Although short positions are highly crowded and may provide tactical opportunities for silver to rebound, the situation in Iran and its impact on oil prices and the US dollar remain the main obstacles. Goldman Sachs believes that the easing of the situation in the Strait of Hormuz or the deterioration of AI credit risk, which may prompt the market to lower interest rate expectations, could become a key catalyst for silver to break the deadlock.