白银涨幅惊人，从金银比价的回归看2026年铜跟铂金的投资机会

Group 1: Silver Market Dynamics - The inventory of silver is rapidly diminishing, with reports indicating that acquiring all immediately deliverable silver on the New York Metal Exchange could cost only $1.2 billion, a relatively small amount for major financial players, igniting a surge in silver prices [1] - By December 2025, the price of silver surpassed $68 per ounce, marking a more than 130% increase within a year, significantly outpacing traditional assets like gold and oil [3] - The gold-silver ratio reached an extreme high of 104.87 in April 2025, indicating a significant market imbalance where gold was favored over silver due to economic fears [5] Group 2: Supply and Demand Imbalance - The demand for silver is soaring, particularly due to its industrial applications, while the supply is constrained as global silver mines are producing lower quality ore, making new mining projects capital-intensive and time-consuming [8] - The current market scenario presents a stark contrast between dwindling supply and increasing demand, leading to a situation where any new buy orders could dramatically push prices higher [8] Group 3: Broader Metal Market Implications - The surge in silver prices is influencing other metals, with investors now looking at the copper market, which is also experiencing a supply-demand imbalance due to declining ore grades and increasing demand from sectors like electric vehicles and AI data centers [10] - The copper market is expected to benefit from the ongoing economic recovery and infrastructure investments, with projections indicating a significant increase in copper consumption driven by technological advancements [10] Group 4: Platinum Market Developments - Platinum is experiencing a resurgence, with prices nearly doubling in 2025, driven by a shift in demand from automotive manufacturers who are reconsidering platinum due to high palladium prices [12] - The supply of platinum is precarious, as over 70% comes from South Africa, where mining operations face challenges such as high costs and frequent power outages, leading to a tight supply situation [14]