Mhmarkets迈汇:白银强势突破与结构性驱动力

Core Insights - Silver futures reached a historic high on December 2, with a daily increase of over 6% and a weekly rise of 13.42%, closing at $57.08, surpassing the previous high of $51.29 from mid-October [1][3] - The current silver market is characterized as entering a structurally strong phase, with price levels being continuously reshaped [1][3] - Gold has gained significant market attention over the past two years, with a nearly 95% increase since October 2023, driven by multiple factors including institutional buying, geopolitical uncertainties, and concerns over currency purchasing power and sovereign debt [1][3] Supply and Demand Dynamics - The silver market is experiencing an unprecedented supply gap, with declining mineral supply and simultaneous growth in industrial and investment demand, leading to a typical supply-demand imbalance [2][4] - This structural gap is expected to push prices into a longer-term upward phase [2][4] - Silver's relative accessibility has attracted more retail investors, reinforcing its status as a "people's precious metal," similar to its historical role as a primary circulating metal [2][4] Performance Comparison - While gold has increased approximately 95% over the past 21 months, silver has seen a more rapid rise, doubling in price over the past year with a 100% return [2][4] - This relative advantage may lead to renewed investor interest in silver, creating a self-reinforcing demand cycle that could further extend the upward trend [2][4] Market Perception - Investors are currently focused on whether silver's historic rise represents a revaluation of its economic attributes or a catch-up to gold's previous gains [2][4] - Regardless of the answer, silver has clearly moved beyond its long-standing "subsidiary role," with its independent value logic being increasingly recognized by the market [2][4]