白银年内暴涨97%，黄金牛市的“最后一块拼图”已就位

Core Viewpoint - The article highlights the significant role of silver in the current precious metals market, particularly in the context of a bullish gold market, emphasizing that silver's absence has affected overall investor interest in gold [1][2]. Group 1: Market Dynamics - The gold-silver ratio reached an extreme level, surpassing 100 in April, a five-year high, compared to a historical average of 50 to 60 [1]. - As of now, the gold-silver ratio has dropped to 74, breaking through long-term support lines, with some analysts predicting a return to the 50 level [2]. Group 2: Price Movements - Silver closed last week at a historical high above $56 per ounce, with a remarkable year-to-date increase of 97%, while gold has struggled to maintain above the critical resistance level of $4200, with a year-to-date increase of nearly 61% [1]. - If the market's prediction of gold reaching $5000 by 2026 holds true, silver prices could potentially reach around $100 [2]. Group 3: Supply and Demand Factors - Industrial demand related to global electrification has led to a significant supply shortfall in silver for five consecutive years, with ground stocks being continuously depleted [2]. - The mismatch in silver supply has resulted in a series of supply shocks expected in 2025, exacerbated by geopolitical factors and trade policies [2]. - The inventory at the Shanghai Gold Exchange has fallen to a ten-year low, indicating a tightening supply situation [2]. Group 4: Market Sentiment - Analysts believe that the newfound strength of silver may not be a short-term phenomenon, suggesting that silver is poised to regain its long-awaited focus in the market [3].