年内涨超90%！白银价格狂飙，什么情况？

Core Viewpoint - Silver has experienced significant price volatility in 2023, leading to its nickname as the "devil metal," with a notable increase in value and market interest [1][2]. Price Surge - On December 1, silver prices surged, reaching a historical high with COMEX silver futures exceeding $58 per ounce, and domestic futures rising over 7% [2][4]. - Year-to-date, international silver prices have increased by over 90%, outperforming gold [2][4]. Supply and Demand Dynamics - The recent price increase is supported by structural supply-demand gaps, with a notable shortage in the London spot market leading to high borrowing rates for silver [4][5]. - Silver inventories have been declining, with Shanghai Gold Exchange silver stocks dropping to a new low of 715.875 tons, the lowest since July 2016 [4][5]. Institutional Outlook - Various institutions are bullish on silver, with UBS predicting further price increases driven by strong investment demand, raising their price forecast for 2026 to $60 per ounce [6][7]. - Zhongyin Securities suggests that silver's rebound potential may be stronger than gold's, citing lower inventory levels and increasing industrial demand as key factors [8].