白银价格50天涨逾80%，疯狂程度远超黄金

Group 1 - Silver prices have surged, reaching historical highs, with prices exceeding $90 per ounce and the gold-silver ratio dropping to 50.57, the lowest in 13 years [1][2] - Since early 2025, silver has outperformed gold, with price increases of 190% for silver compared to 75% for gold, indicating a significant shift in market dynamics [1][2] - The traditional correlation between the gold-silver ratio and the U.S. PMI has broken down, as the PMI remains below the growth threshold while the gold-silver ratio has improved [3][4] Group 2 - Silver's strategic resource attributes are being reinforced, leading to potential risks of increased tariffs on silver by the U.S., which could heighten trade disruptions compared to the gold market [4][5] - The importance of silver in industrial applications is growing, particularly in green energy and digital transformation, with silver being crucial for solar panels and electric vehicles [5][6] - The global silver supply has become more rigid since 2015, with annual supply levels stabilizing between 30,000 to 33,000 tons, while demand has surged due to industrial applications [8][9] Group 3 - The recent surge in silver prices is attributed to inventory dynamics, with a significant shift in global silver stocks due to tariff expectations and market arbitrage [7][8] - The valuation of silver is influenced by both its commodity attributes and its financial attributes, with current market conditions highlighting its commodity characteristics due to supply shortages [8][9] - Industrial demand for silver, particularly from the photovoltaic sector, has been a major driver of price increases, with global demand for silver in solar applications reaching 6,146.05 tons in 2024, a 67% increase from 2022 [10][11] Group 4 - The current gold-silver ratio of 50 suggests a potential turning point in the market, with historical patterns indicating that such low ratios may precede market corrections or shifts [11][12] - Analysts predict that the gold-silver ratio may stabilize within the 40-80 range, influenced by the dynamics of silver inventory and market balance [12][13] - The ongoing economic conditions, including inflation and geopolitical tensions, are drawing parallels to the 1970s, suggesting that the current precious metals bull market may continue [13][14]