【热点问答】贵金属市场“黑马”！银价迭创新高，后劲如何？

Core Viewpoint - Silver prices have reached historic highs in 2025, with significant increases in both spot and futures markets, driven by macroeconomic uncertainties and changing investment dynamics in precious metals [1][2]. Group 1: Price Performance - As of December 12, 2025, London spot silver prices surpassed $60 per ounce, peaking at $64.658 per ounce, while COMEX silver futures reached $65.085 per ounce, marking a cumulative increase of over 110% for the year [1][2]. - The performance of silver has outpaced that of gold, indicating a shift in market dynamics where silver is leading the gains in the precious metals sector [2]. Group 2: Market Drivers - The rise in silver prices is attributed to several factors, including increased demand for safe-haven assets due to U.S. tariff policy risks and changes in international trade dynamics [3]. - The shift in investment demand from emerging market central banks to Western ETFs has also played a crucial role in supporting gold and silver prices, with global gold ETF holdings increasing by approximately 674 tons from January to October 2025 [2]. Group 3: Phased Price Increases - The price increase of silver has occurred in distinct phases throughout 2025, with initial support from U.S. tariff risks, followed by fluctuations due to international trade tensions, and later recovery driven by improved market sentiment and supply chain concerns [3][4]. - The current upward trend in silver prices aligns with historical patterns observed in previous years, characterized by two distinct phases of price increases [4][5]. Group 4: Future Outlook - Looking ahead to 2026, silver prices are expected to continue rising, supported by ongoing demand for safe-haven assets and concerns over inflation and dollar credit [5]. - While industrial demand for silver may stabilize or decline, physical investment demand is anticipated to expand, contributing to a bullish outlook for precious metals [5].