【特稿】涨幅超过黄金 英国白银市场现轧空走势

Core Viewpoint - The silver market in the UK is experiencing a historic short squeeze, leading to a significant price surge, with silver prices rising over 70% this year, surpassing gold's performance [1][3]. Group 1: Market Dynamics - On the 13th, the spot silver price in London surged by 3%, approaching $52 per ounce, nearing the historical high of $52.50 set in 1980 [3]. - Concerns over liquidity shortages in the London market have driven silver prices higher, with physical silver inventories in London hitting multi-year lows, causing liquidity tightening [3]. - The premium of the London silver market over the New York market is nearing historical extremes, prompting some traders to book transatlantic flights to transport silver bars for profit [3]. Group 2: Comparative Analysis with Gold - On the same day, spot gold prices broke the $4,070 per ounce mark, continuing an eight-week upward trend and setting a new historical high [3]. - Analysts from Goldman Sachs caution investors about the volatility and potential downside risks of silver prices compared to gold, despite the possibility of further interest rate cuts by the Federal Reserve [3][4]. - The report emphasizes that silver lacks the institutional and economic support that gold possesses, as it is not included in the International Monetary Fund's reserve framework and is not significantly held in central bank portfolios [4]. Group 3: Investment Considerations - Goldman Sachs analysts argue that central banks prioritize managing value over weight, indicating that even with rising gold prices, policymakers are unlikely to seek cheaper alternatives like silver [4]. - The scarcity of gold is approximately ten times that of silver, and gold is 80 times more expensive, making it easier to store, transport, and safeguard [4]. - The report highlights that transporting $1 billion worth of gold requires only a suitcase, while the same value in silver would necessitate a full freight truck [4].