今年以来累计涨幅超七成——多重因素促白银价格创新高

Core Viewpoint - The recent surge in silver prices, reaching a record high of $51.22 per ounce, indicates a shift in the precious metals market, suggesting a transition of silver from an "industrial metal" to a "store of value" asset [1] Group 1: Market Dynamics - On October 9, the spot silver price broke through $50 per ounce, marking a historical peak [1] - Year-to-date, the spot silver price has increased by over 70% [1] - The largest silver ETF, iShares, reported holdings of 15,452 tons as of October 9, an increase of over 1,000 tons since the beginning of the year, indicating strong long-term investment demand for silver [1] Group 2: Demand Drivers - The strength of silver is driven by both industrial demand and investment attributes, supported by the ongoing global energy transition [1] - Silver consumption is growing in sectors such as new energy, photovoltaics, and electric vehicles, alongside increasing demand from the semiconductor industry due to artificial intelligence [1] Group 3: Supply Constraints - Silver mining costs have significantly risen, exacerbating supply pressures and pushing prices higher [1] - The global silver supply has experienced a deficit for five consecutive years, leading to declining inventories and noticeable spot premiums [1] - The gold-silver price ratio is also a contributing factor to the rise in spot silver prices [1]