近14年新高！白银为何暴涨？

Core Viewpoint - The recent surge in silver prices is primarily driven by the easing of tariff risks between China and the U.S., alongside high gold-silver ratios attracting bullish investments, and heightened demand for silver as a safe haven due to escalating tensions in the Middle East [1][2]. Price Movement and Market Dynamics - Since June, the London silver spot price has risen from around $33 per ounce to a peak of $37.24 per ounce on June 17, marking a nearly 14-year high [1]. - The increase in silver prices is linked to the alleviation of economic downturn risks associated with tariff policies, as well as the current high gold-silver ratio, which has led to an influx of bullish capital [2]. Historical Context and Comparisons - Historical data indicates that silver often lags behind gold in price movements during bull markets, with gold typically initiating price increases before silver follows [3]. - The gold-silver ratio has shifted significantly over the years, influenced by the differing monetary properties of gold and the industrial demand for silver, leading to a higher ratio in recent years [3]. Investment Trends and Market Participants - The current price increase in silver is attributed to both institutional and retail investor participation, with significant growth in silver ETF holdings and active futures trading [4][5]. - As of June 18, global silver ETF holdings increased by 858 tons compared to May 20, indicating strong institutional interest [4]. Investment Strategies and Recommendations - For investors, it is suggested to consider physical silver for long-term holdings, while silver ETFs are recommended for those with moderate risk tolerance seeking short to medium-term investments [6]. - Investors with higher risk tolerance and trading experience may explore silver futures and related derivatives, with an emphasis on strict risk management practices [6].