银价狂飙！今年以来国际现货银价涨幅超越黄金，未来走势如何？

Core Viewpoint - Silver prices have surged this year due to multiple factors, including liquidity tightening in the London market, increased investor risk aversion, and growing industrial demand [1][3]. Group 1: Market Dynamics - Silver's price increase has outpaced that of gold, with international spot silver prices recently surpassing $50 per ounce, drawing significant market attention [3]. - The liquidity of the silver market is heavily reliant on the hundreds of millions of ounces stored in London vaults, which have been depleting due to insufficient mining supply and increased industrial demand [5]. - Since mid-2021, London silver inventories have decreased by approximately one-third, with a significant portion held by exchange-traded funds (ETFs) [5]. Group 2: Supply and Demand Factors - Current freely available silver inventory is around 200 million ounces, a sharp decline of about 75% from the peak of approximately 850 million ounces in 2019 [7]. - The tightening liquidity has forced many short-sellers to buy back silver at higher prices to cover their positions, contributing to the price surge [7]. - Analysts highlight that silver serves both as a valuable store of value and has industrial applications, which are critical to its demand [9]. Group 3: Industrial Demand - The global trade tensions, concerns over the independence of the Federal Reserve, and U.S. government shutdowns have heightened market uncertainty, increasing demand for safe-haven assets like precious metals [11]. - Citigroup forecasts that industrial demand will become the largest source of silver demand this year, expected to reach 430 million ounces, with the solar energy sector alone accounting for approximately 299 million ounces [13]. Group 4: Future Outlook - Goldman Sachs notes that while the liquidity tightening has been a significant driver of silver's recent price surge, this situation is expected to be temporary as silver is likely to flow back to London from the U.S. and other regions [15]. - Unlike gold, silver does not have the same level of support from central bank demand, leading to expectations of greater volatility and downside price risks for silver compared to gold [15].