“穷人的黄金”大涨！白银、铜成投资新宠

Core Viewpoint - Silver has recently surpassed $60 per ounce for the first time in history, driven by global supply constraints and strong demand from industrial users and investors, marking a shift in investor focus from gold to silver and copper as preferred precious metals [3][6][9]. Group 1: Silver Market Dynamics - Since January, silver prices have more than doubled, with a significant supply shortage exacerbated by strong demand from industrial users and investors [6]. - The London Metal Exchange (LME) has experienced historic supply shortages in the silver futures market, with U.S. stockpiling further intensifying shortages in other regions [6][7]. - Current silver inventories on the New York Commodity Exchange are approximately 456 million ounces, three times the historical average [6]. Group 2: Investor Behavior and Trends - Institutional and retail investors are increasingly favoring silver over gold, with significant inflows into silver ETFs, surpassing those of gold ETFs [10]. - The average trading volume of micro silver futures contracts has reached its highest level since mid-October, indicating heightened retail interest [10]. - A notable surge in speculative options trading has occurred, with large volumes of call options being traded, reflecting bullish sentiment towards silver prices [10][11]. Group 3: Copper Market Outlook - Similar to silver, copper prices have accelerated due to U.S. stockpiling, with expectations of continued supply shortages driven by demand from AI data centers and clean energy projects [12][13]. - The average premium for copper remains around $330 per ton, despite a significant drop from previous quarters [12]. - Analysts predict that copper prices will continue to rise, with optimistic forecasts suggesting an average price of $13,000 per ton in the second quarter of next year, up from earlier predictions [13].