高盛：黄金将继续比白银更耀眼

Precious Analyst 贵⾦属分析师 Gold to Continue Outglittering Silver ⻩⾦将持续⽐⽩银更耀眼 The gold-silver price ratio, which historically traded in a 45-80 range, has broken out of this range since 2022. We don't expect silver to catch up with the gold rally because higher central bank gold demand has structurally lifted the gold-silver price ratio. 历史上在 45-80 区间波动的⾦银价格⽐⾃ 2022 年起已突破该区间。由 于央⾏购⾦需求上升从结构上抬⾼了⾦银价格⽐，我们预计⽩银难以赶 上此轮⻩⾦涨势。 Historically, gold and silver prices were closely linked through investment flows, with silver's ...