实探深圳水贝：银条盖在金条上，多家商铺银条没地放

Core Viewpoint - The article highlights the recent fluctuations in silver and gold prices, emphasizing the strong demand for silver and the subsequent market adjustments as supply issues ease. It notes a shift in investor focus back to gold despite silver's recent performance. Group 1: Market Dynamics - During the New Year holiday, the Shenzhen Shui Bei market continued trading, with some merchants stacking silver bars on top of gold bars due to space constraints, indicating a rush to replenish silver stock [1][6] - Silver prices surged approximately 140% in 2025, outperforming gold's 60% increase, leading to a significant shift in trading behavior from on-site to off-site [5][12] - The demand for physical silver led to a temporary shortage, with some investors unable to purchase silver bars, but this situation has since stabilized, with silver now available without pre-ordering [5][9] Group 2: Price Adjustments - As of January 4, silver prices in Shui Bei dropped to around 21 yuan, down from a peak of 23.2 yuan, while investment-grade silver bars averaged 19.5 yuan per gram [5][9] - The article notes that the recent volatility in silver and gold prices is partly due to increased margin requirements by the Chicago Mercantile Exchange, which has led to significant price corrections [10][12] Group 3: Investor Behavior - Despite the recent hype around silver, inquiries about gold investments during the New Year period remained higher than those for silver, indicating a continued preference for gold among investors [8][9] - The article suggests that the silver market may have experienced excessive speculation, as evidenced by the shift in focus back to gold and the stabilization of silver supply [9][12] Group 4: Future Outlook - The silver market is at a crossroads, with various factors influencing its future, including financial re-evaluations, supply-demand dynamics, and macroeconomic conditions [13] - Analysts predict that the upcoming rebalancing of the Bloomberg Commodity Index could lead to significant sell-offs in both silver and gold, potentially impacting market stability [15][17]