21现场｜实探水贝节后首日：有商家将银条置于金条之上售卖

Core Viewpoint - The silver market has experienced significant volatility, with silver prices rising approximately 140% in 2025, outperforming gold's 60% increase, leading to a surge in demand for physical silver in markets like Shenzhen's Shui Bei [6][19]. Group 1: Market Dynamics - During the New Year holiday, Shenzhen's Shui Bei market remained active, with some merchants stacking silver bars on top of gold bars due to space constraints, indicating a rush to replenish silver inventory [1][2][3]. - Silver prices have started to decline after reaching a peak on December 29, 2025, with COMEX gold dropping 4.63% and COMEX silver falling 6.39% from December 29 to January 4, 2026 [4][17]. - The demand for physical silver led to a shift from on-site trading to off-site purchases, with investors flocking to Shui Bei to buy silver bars and ingots, resulting in some items being pre-ordered [8][9]. Group 2: Supply and Demand - The supply of physical silver has shown signs of improvement post-New Year, with multiple merchants reporting available stock without the need for pre-orders, suggesting a return to a more rational market [9][17]. - The price of silver on January 4 was reported at 21 yuan, down from a high of 23.2 yuan the previous week, with investment-grade silver bars averaging around 19.5 yuan [9][12]. - The market for silver has been characterized by high volatility, with a significant increase in physical delivery demand pushing prices higher, but recent adjustments have led to a more stable supply situation [15][19]. Group 3: Investment Considerations - Investors in silver primarily utilize three channels: public funds (which have imposed purchase limits), futures trading, and physical silver, with the latter having higher storage costs compared to gold [19]. - The silver market is less liquid than gold, with a larger price spread between buying and selling prices, indicating potential challenges for investors [19]. - Analysts suggest that the recent surge in silver prices is driven by a combination of financial re-evaluation, tight physical supply, market sentiment, and macroeconomic factors, with regional inventory shifts playing a crucial role [19][20].