白银价格创13年新高！“避险需求+工业属性”双轮动驱使年内涨幅35%超黄金

Group 1 - The core viewpoint is that silver prices are rising significantly, reaching the highest level since 2011, driven by market concerns over potential U.S. tariff policies and a shift of investors from gold to silver due to its relative undervaluation [1][4] - Silver has seen a cumulative increase of 35% this year, outperforming gold's 28% rise, highlighting its dual role as a safe-haven asset and an industrial raw material [1] - The current market tension is reflected in trading details, with one-month silver implied borrowing costs soaring above 6%, indicating tightening physical silver supply [4] Group 2 - The widening price gap between London spot silver and New York September futures contracts is reminiscent of earlier this year when concerns over U.S. tariffs led to increased transportation of gold and silver from London to the U.S. [4] - The silver market fundamentals support price increases, with the Silver Institute reporting a five-year trend of supply shortages, driven by growing demand in renewable energy sectors like solar panels [4] - Market expectations suggest that silver prices will continue to be supported by trade policy uncertainties and increasing demand for new energy [5]