白银年内暴涨超80%，高盛警告：回调风险比黄金更高

Core Viewpoint - The silver market has outperformed gold significantly in 2023, with silver prices reaching a historic high of over $53 per ounce, marking an 84% increase since early 2025, compared to gold's 56% increase in the same period [1] Group 1: Market Dynamics - Silver's market size is significantly smaller than gold's, estimated to be about one-tenth of the gold market, leading to higher volatility in silver prices [2] - Recent liquidity tightening in London, the global center for physical silver trading, has contributed to a sharp increase in silver prices, with a rise of over 35% since late August [2] Group 2: Investment Risks - Goldman Sachs analysts caution that silver lacks central bank support, making it more susceptible to price fluctuations and greater downside risks compared to gold [2][3] - The absence of central bank intervention means that even a temporary outflow of investment funds could trigger disproportionate price declines in silver [2][3] Group 3: Performance Characteristics - Silver typically acts as a "leveraged version" of gold, performing better during periods of macroeconomic risk aversion but also facing more severe declines when market sentiment shifts [3] - Silver's dependence on industrial demand, such as for photovoltaic applications, makes it more vulnerable to economic cycles, contrasting with gold's more stable safe-haven attributes [3]