白银“闪跳”，市场逻辑变了吗？

Group 1 - The silver market is experiencing extreme volatility characterized by rapid price increases followed by sharp declines, indicating a potential shift in the underlying dynamics driving silver prices [1][2][3] - As of February 13, 2026, silver prices reached $77 per ounce, with a significant increase in the gold-silver ratio to 64.6, suggesting a shift in market sentiment towards gold as a safer asset [1][2] - The World Silver Association forecasts a structural supply shortage in the silver market for the sixth consecutive year, with a projected deficit of 67 million ounces in 2026 [4] Group 2 - Industrial demand for silver is expected to decline by 2% in 2026, primarily due to cost-saving measures and the adoption of alternative materials in the photovoltaic sector, leading to a decrease in silver processing volume [4][5] - The rising cost of silver, which constitutes over 40% of the total cost of photovoltaic cells, is prompting manufacturers to seek lower-cost alternatives, such as copper and aluminum pastes, to maintain competitiveness [5] - The financial attributes of silver may continue to play a significant role in its price dynamics, especially in the context of global de-dollarization and geopolitical risks, suggesting potential for further price increases [5][6]