白银价格飙升原因高盛预测白银价格下行风险大

Core Viewpoint - The international spot silver price has surged significantly this year, surpassing $50 per ounce, primarily due to severe liquidity constraints in the London silver market [1] Group 1: Market Dynamics - The London silver inventory has decreased by approximately one-third since mid-2021, with a substantial portion held by exchange-traded funds (ETFs) [1] - The market's freely available silver inventory has plummeted by about 75% compared to 2019 [1] - Many traders who previously bet on falling silver prices were forced to cover their short positions at higher prices, leading to a surge in silver buying [1] Group 2: Demand Drivers - Analysts highlight that silver possesses both store of value and industrial utility, with the industrial sector expected to be the largest source of silver demand [1] - The solar energy industry is specifically noted as a significant driver of silver demand growth, reflecting the increasing importance of renewable energy [1] Group 3: Future Outlook - Goldman Sachs indicates that while the recent liquidity tightening has driven silver prices up, this situation is expected to be temporary [1] - Unlike gold, silver lacks strong support from central bank demand, resulting in higher volatility and downside price risks compared to gold [1]