白银抢尽风头，能否撼动黄金地位？

Core Viewpoint - Record leasing rates and tariff concerns have led to unprecedented trading volumes, prompting investors to increase their allocation in precious metals for portfolio diversification, while adjusting the ratio of silver to gold [1] Group 1: Silver vs. Gold Performance - Over the past 12 months, silver prices surged by 92%, while gold saw a rise of approximately 56% [2] - Silver reached a 13-year high of over $35 per ounce in early June and has now approached a historical peak of nearly $63 [2] - The strong performance of silver has reignited discussions about whether it can become a reliable alternative to gold [6][7] Group 2: Investment Demand and Market Dynamics - Investment demand for silver has significantly increased, with exchange-traded product (ETP) holdings rising by about 18% as of November 6 [2][3] - The net supply-demand balance for silver is at its tightest level on record, with ETF demand increasingly impacting this imbalance [3] - The U.S. government's designation of silver as a critical mineral has added uncertainty, as details on subsequent actions are still awaited [4] Group 3: Economic Factors Influencing Precious Metals - Lower interest rates, particularly following a recent 25 basis point cut by the Federal Reserve, are expected to benefit precious metal prices [5][6] - The correlation between the Federal Reserve's easing policies and the demand for both gold and silver suggests that silver may also gain from these conditions [5][6] - The industrial demand for silver, driven by sectors such as solar energy and electric vehicles, is contributing to its strong market performance [7] Group 4: Long-term Perspectives on Silver - Silver has historically been viewed as a substitute for gold, but its recent performance has outpaced that of gold [7] - The structural supply gap in the silver market, which has persisted for five years, shows little sign of resolution, further enhancing its appeal to investors [7] - Despite silver's rising profile, reserve asset managers have not yet recognized it as a viable long-term holding, indicating a potential barrier to its acceptance as a true alternative to gold [7]