一盎司白银＞一桶原油

Group 1: Silver Market Dynamics - The current price of silver has surged to $79.19 per ounce, surpassing the price of WTI crude oil at $56.74 per barrel, a situation not seen since April 2020 [1] - There is a strong demand for silver from both investors and industries, with significant accumulation in both physical and financial forms for wealth storage and currency risk hedging [3] - The solar industry consumes nearly 30% of the annual silver production from mining and recycling, indicating robust demand despite potential reductions in U.S. solar support [4] Group 2: Supply Constraints - The supply of silver is unlikely to see significant new production, as global "pure silver" deposits are nearly exhausted, with most silver now being a byproduct of mining for other metals [4][5] - Changes in silver supply are often driven by the demand for other metals rather than silver itself [5] Group 3: Price Risks and Market Outlook - Analysts warn that precious metal prices are at unsustainable levels, with expectations that silver prices may drop to around $42 by the end of next year as enthusiasm for gold wanes [6] - The oil market is facing pressure from oversupply, with WTI crude prices down over 20% year-to-date, and Brent crude down over 19%, both near their lowest levels since 2022 [6] - Energy executives do not expect significant increases in oil prices in the coming year, with average price assumptions for capital expenditure planning dropping from $71 to $62 per barrel [7]