比黄金更猛！这一赛道年内涨幅超70%

Group 1 - The recent surge in precious metals, particularly silver, has garnered significant market attention, with silver prices reaching historical highs and outperforming gold in year-to-date gains [1] - On October 9, the spot silver price surpassed $50 per ounce for the first time, and on October 10, it opened at $46.67 per ounce, peaking at $51.38 per ounce, reflecting a year-to-date increase of over 70% [1] Group 2 - According to research from Zheshang Securities, the core issue for silver currently lies in the decreasing inventory and the increasing investment opportunities in the context of a bull market for precious metals [3] - Global silver mine supply is facing a growth bottleneck, with production expected to decline slightly from 2019 to 2024, primarily due to falling ore grades and frequent disruptions in major mining regions [3] - The supply of silver is largely dependent on the market conditions of primary metals like copper and zinc, as over 70% of silver is produced as a byproduct of these metals [3][4] Group 3 - Fluctuations in the markets for basic metals can lead to decreased mining activity, which directly impacts the supply of silver, making it difficult for mining companies to expand silver production in the short term [4] - Recent inflation expectations, surging industrial demand (especially in photovoltaic cells and new energy sectors), and an influx of investment funds into commodity markets for hedging have driven silver prices to record highs [4] - Despite the recent price surge, silver is unlikely to fully replace gold as an investment asset due to its higher price volatility, lower liquidity, and strong industrial demand, which makes its supply unstable [4]