从“被遗忘资产”到核心机遇，Wmax 解读白银的翻倍潜力的可能性

Core Viewpoint - Silver, once considered a "forgotten asset," is poised for a transformative rise entering 2026, with a projected annual increase of nearly 110% in 2025, surpassing gold's performance and reshaping its market narrative after nearly a decade of stagnation [2] Supply and Demand Dynamics - Wmax's monitoring indicates a significant decline in silver inventory, particularly in China, which has reached a ten-year low following record exports in 2025. This decline is occurring during a critical phase of structural shortages in the silver market, with global COMEX silver inventories also at multi-year lows [4] - The supply constraints are expected to persist for several years, as most new silver mining capacities are not anticipated to come online until 2027-2028, indicating a long-term supply tightness rather than a short-term fluctuation [4] Industrial Demand Trends - The silver consumption in the photovoltaic industry is projected to reach a historical peak of 195.7 million ounces in 2025, driven by substantial demand from electric vehicles, high-efficiency semiconductors, 5G base stations, and AI data centers. Silver is confirmed to have no effective substitutes in these high-value applications, reinforcing its demand trajectory [5] Technical Analysis and Market Dynamics - Silver has broken through a critical resistance level of $50-54, successfully stabilizing above $60, marking the beginning of a price discovery phase. Historical data suggests that similar breakout patterns have previously led to significant price increases [8] - The current gold-silver ratio is approximately 82, which, while lower than recent highs, remains above the historical average of 40-60. A potential correction towards this historical range could lead to a strong rebound in silver prices, indicating a significant valuation advantage [8] 2026 Outlook and Strategic Recommendations - Wmax forecasts that silver prices could reach between $72 and $88, driven by a combination of technical factors and the gold-silver ratio correction. Current market conditions suggest a robust upward trend supported by supply shortages and increasing demand [11] - Short-term strategies recommend profit-taking and cautious entry points, while mid-term strategies advocate for regular investments in silver ETFs and physical silver, with a target price of $65-70 [11] Conclusion - Wmax concludes that 2026 will present a unique opportunity characterized by tightening supply, rising demand, and technical breakthroughs, positioning silver as a core asset with asymmetric return potential in the current market landscape [12]