白银牛市是行至中局，还是接近阶段性尾声？

Core Viewpoint - The article discusses the current dynamics of silver prices, highlighting the dual drivers of investment demand and industrial consumption, while questioning the sustainability of the current price levels and the fundamental changes in the silver market [4][6][8]. Group 1: Drivers of Silver Price Increase - Silver's price increase is driven by the instability of the credit currency system and the global economic shift towards re-inflation, with investment and allocation demand being the primary support for its strong performance [4][6]. - The demand for silver in the photovoltaic sector has surged from below 5% to 20% over the past five years, providing a solid foundation for silver demand, although overall industrial demand remains insufficient to support current price levels [6]. Group 2: Gold-Silver Ratio and Market Sentiment - The decline in the gold-silver ratio is a classic feature of a silver bull market, with significant fluctuations reflecting market risk appetite. A high ratio indicates strong risk aversion, while a declining ratio suggests a more favorable market outlook for silver [7]. - The current market conditions indicate that the ongoing repair of the gold-silver ratio is a normal phenomenon in the silver bull market, with a sustained increase in the ratio potentially signaling the end of the bull market [7]. Group 3: Future Outlook for Silver Market - The silver bull market is currently in an accelerated phase, with multiple factors supporting continued price strength, including inflation expectations and the dynamics of the gold-silver ratio. The overall bullish trend is expected to persist until at least the second half of 2026 [8].