白银主题基金场内价格为何难回归净值

Core Viewpoint - Precious metal prices, particularly silver and gold, have experienced significant volatility after reaching new highs, with ongoing geopolitical uncertainties influencing market dynamics [1][7]. Group 1: Silver Market Dynamics - As of January 8, 2026, London silver prices fell by 3.13% to $75.93 per ounce, following a peak of $83.97 per ounce on December 29, 2025, representing a cumulative increase of over 34% since December 2025 [2][3]. - The only silver-themed public fund in the domestic market, Guotou Ruijin Silver Futures (LOF), reported a premium rate of approximately 16% as of January 7, 2026, with multiple warnings issued regarding premium risks and several trading suspensions [3][5]. - The fund's net asset value was reported at 2.2098 yuan per share, while the market closing price was 2.5 yuan, indicating a significant premium over the net value [3]. Group 2: Gold Market Trends - Gold prices have also reached historical highs, with COMEX gold hitting $4,584 per ounce on December 26, 2025, and London gold reaching $4,550.52 per ounce on December 29, 2025, before experiencing a slight decline [7]. - Despite recent price corrections, industry experts believe that the long-term upward trend for both gold and silver remains intact, with no clear price ceiling in sight [1][7]. Group 3: Market Sentiment and Investment Strategies - Analysts caution that the high premium rates in the silver market are largely driven by speculative trading, suggesting that investors should consider value investing during periods of lower premium rates [4][5]. - The recent volatility in silver prices has also affected other metals like copper and aluminum, indicating a broader market trend influenced by factors such as tight spot inventories and expectations of U.S. monetary policy [8].