白银价格刷新历史纪录，飙涨超110%远超黄金，内行人提前预警

Core Viewpoint - The recent surge in silver prices is driven by a combination of financial and industrial factors, with significant implications for investors and market dynamics [5][12]. Group 1: Price Movements and Market Reactions - A Shanghai investor purchased 20 kilograms of physical silver at approximately 11 yuan per gram, and with current prices exceeding 13 yuan per gram, the investor has realized a paper profit of 60,000 yuan [1]. - Silver prices reached a historic high of 60.83 USD per ounce in early December, with a year-to-date increase of over 110%, while gold's increase was around 60% [3]. - In Shenzhen, the demand for silver bars and silver products has surged, with some merchants selling dozens of kilograms of silver this month [3]. Group 2: Supply and Demand Dynamics - The current surge in silver prices is attributed to both financial attributes, influenced by U.S. Federal Reserve policy expectations, and industrial demand, particularly from the photovoltaic sector [5][11]. - The London Bullion Market Association (LBMA) reported a significant decline in silver inventories, with a drop of 300 tons in October alone, leading to the lowest levels since 2016 [7]. - The World Silver Association anticipates a continued annual deficit in the silver market through 2025 due to constrained supply and rising demand [7]. Group 3: Investment Considerations - Analysts suggest that the current market dynamics create a high volatility environment for silver, with ETF holdings and speculative positions at elevated levels [9][12]. - Investment in silver is seen as a dual-attribute asset, combining financial and industrial characteristics, which has attracted investors seeking alternatives amid limited returns from other investment channels [11][12]. - UBS has raised its silver price target for 2026 to between 58 and 60 USD per ounce, with potential for prices to reach 65 USD per ounce [14].