白银 还能涨吗？

Core Viewpoint - Silver prices have surged to a new high of $39.13 per ounce, the highest since 2012, driven by strong industrial demand and safe-haven buying amid economic uncertainties [1][2]. Group 1: Market Dynamics - The recent price surge in silver is attributed to a combination of robust industrial demand, particularly from the solar energy sector, and increased safe-haven demand due to economic uncertainties [2][6]. - The global photovoltaic installation is expected to exceed 600 GW in 2024, leading to a steady increase in silver demand for photovoltaic silver paste [2][6]. - The silver-to-gold ratio remains significantly high, attracting institutional funds to shift from gold to silver, with the current ratio between 85-90 compared to the historical average of 60-80 [3][6]. Group 2: Investment Trends - The Silver Institute reported that as of June 30, 2023, global silver exchange-traded products (ETPs) held 1.13 billion ounces, with a net inflow of 9.5 million ounces in the first half of 2023, surpassing the total net inflow for the previous year [3]. - Analysts suggest that silver has outperformed gold this year, with silver's industrial properties becoming more favorable in a recovering economic environment [4][6]. - The overall supply-demand dynamics indicate a projected supply gap of approximately 11.76 million ounces by 2025, further supporting silver prices [6]. Group 3: Future Outlook - Analysts generally believe that silver still has room for price increases in the medium to long term, despite recent price highs [6]. - The current high silver-to-gold ratio suggests that silver remains undervalued relative to gold, indicating potential for further price appreciation [6]. - The ongoing trends in the global economy, including potential shifts in U.S. monetary policy and the demand for silver in renewable energy applications, are expected to influence silver prices positively [6].