白银现货紧缺状况尚存 伦敦银仍有向上空间

Core Viewpoint - The silver market is experiencing upward pressure due to increasing demand from sectors such as photovoltaics, electric vehicles, and electronics, while supply expansion remains limited, leading to tightening supply-demand dynamics [3]. Group 1: Market Performance - On January 4, silver closed at $72.62 per ounce, up 1.91%, with a weekly high of $74.54 and a low of $71.27 [2][8]. - The silver market has shown significant volatility, with a drop of over $13 on one day, followed by fluctuations throughout the week, indicating ongoing market tension [10]. Group 2: Supply and Demand Dynamics - By the end of November 2025, a major investment bank transferred 13.4 million ounces (approximately 380 tons) of silver from COMEX registered inventory to eligible inventory, representing 8.9% of the deliverable COMEX silver futures inventory, signaling a tightening in the physical silver market [3]. - The ongoing structural shortages in silver supply are exacerbated by a growing trend among traders and holders to adopt a "hoarding" strategy, further intensifying the scarcity of physical silver [3]. Group 3: Future Outlook - Analysts suggest that historical analysis of the gold-silver ratio indicates potential for significant price increases in silver, with supply constraints expected to trigger price surges as early as 2026 [9]. - Despite current high prices, it is believed that investors may still be in the early stages of a silver bull market [9].