白银疯涨！沪银日内暴涨8%，年内涨幅逾130%

Core Viewpoint - The precious metals market is experiencing significant price increases, particularly in silver, driven by supply constraints and strong demand from various industries, including solar energy and AI [1][5][6]. Group 1: Market Performance - As of December 24, COMEX gold reached $4,522 per ounce, and London gold was at $4,493 per ounce, with gold prices increasing over 71% year-to-date [1][5]. - COMEX and London silver prices both surpassed $72 per ounce, with silver prices up nearly 150% year-to-date [1][5]. - In the domestic market, Shanghai silver prices surged over 8% in a single day, closing at 17,609.00 yuan per kilogram, marking a year-to-date increase of over 130% [1][5]. Group 2: Supply and Demand Dynamics - The recent surge in silver prices is attributed to a combination of short-term trading dynamics and long-term fundamental factors, including tight physical supply and historically low inventory levels [1][5]. - The silver supply growth rate is only 2% to 3% annually, while demand from the photovoltaic industry accounts for 55% of industrial silver usage, alongside increasing demand from AI servers and electric vehicles [1][5]. Group 3: Technical Analysis and Market Indicators - The gold-silver ratio has contracted to 62:1, indicating that silver has been undervalued compared to gold, with historical ratios typically ranging from 40:1 to 60:1 [6][7]. - If the gold-silver ratio returns to 50:1, silver could rise to $77 per ounce, representing an 11% increase from current levels, or to $86 per ounce if gold prices remain stable, indicating a potential 25% upside [7].