Group 1 - The current demand for silver from both investors and the industrial sector is extremely high, with silver being accumulated in both physical and financial asset forms for wealth storage and as a hedge against risks associated with the US dollar and other currencies [3] - The jewelry industry, medical device manufacturers, electric vehicle producers, data center construction companies, and especially solar panel manufacturers are major consumers of silver [3] - Citigroup analysts estimate that the solar industry consumes nearly 30% of the annual silver production from mining and recycling [4] Group 2 - There is little possibility of significant new silver production entering the market, as global "pure silver" deposits are nearly exhausted, with most silver now being produced as a byproduct of mining other metals like copper, gold, and zinc [4] - Changes in silver supply are often driven by the demand for other metals rather than silver itself, according to John Ciampaglia, CEO of Sprott Asset Management [4] - Some analysts warn that precious metal prices are at a "cliff edge," indicating that the risk of a price correction is accumulating [5]

在美联储降息预期、各国央行加大贵金属储备，以及市场上投资性资金大量涌入的背景之下，2025年包 括黄金、白银在内的贵金属价格有望创出本世纪以来最大年度涨幅。 如果将金、银、铂、钯视为单纯的投资品种，从年内价格变动的情况来看，2025年以来金、银、铂、钯 等贵金属的价格涨幅远超同期铜、铝等基本金属的价格涨幅，也明显超过同期美股市场道琼斯工业指 数，以及同期A股市场上证指数涨幅。贵金属已成为2025年以来回报率最高的大类投资品种之一，2025 年俨然成为贵金属的投资"大年"。 白银价格受到工业需求和投资需求的双重影响。中信期货研究所宏观研究组资深研究员朱善颖不久前在 接受证券时报记者采访时指出，从世界白银协会的统计数据来看，白银的工业需求和投资需求之比约 6:4，白银在工业端的应用，集中在电子电器、光伏、钎焊料、摄影、银饰银器等领域，2021年后随着 光伏行业的爆发式增长，光伏用银成为近年来主要的需求增量。 值得注意的是，白银价格今年11月以来涨势有加速趋势，自今年11月以来不到两个月时间里伦敦银现货 价格累计涨幅已经超过60%。朱善颖此前在受访时认为， 白银价格自11月下旬以来大幅上涨，现货紧 张带来的挤仓交易 ...

图片来源：界面图库 智通财经记者 | 韩理 临近年末，金银行情再度卷土重来。 12月27日，伦敦现货黄金突破4500美元/盎司，现货白银突破79.3美元/盎司，两者均创下历史新高。此 前，美联储的"鹰派降息"，日央行加息预期仅短期压制金银价格。两大不确定性消散之后，金银又再次 回归升势。 回顾2025年，黄金白银市场上演了震撼金融史的狂飙行情。黄金在3月、10 月先后历史性突破3000美元 与4000美元两大心理关口。截至发稿，伦敦现货黄金今年涨幅已经达到72.69%，逼近1974年的次高历 史纪录——而彼时布雷顿森林体系解体步入第三年，以美国为主的全球货币当局开始实施货币超发。 白银方面，截至发稿伦敦现货白银年度涨幅达到173.99%，比2010年因美联储量化宽松叠加白银新能源 工业属性挖掘，共同造成83.61%的涨幅，尚且高出一倍。 如无意外，2025年伦敦现货白银年度涨幅将稳稳创下该品种的历史纪录。 "2025年贵金属市场呈现黄金领涨、白银爆发格局。"南华期货分析师夏莹莹分析这一格局形成的原因有 三方面。 首先是投资需求取代央行购金成为主导力量；其次，白银市场出现结构性挤兑，全球库存"拆东墙补西 墙"、 ...

国际白银期价逼近每盎司80美元 多种贵金属期价创新高 受避险需求增加等因素拉动，国际黄金、白银价格26日再创新高。其中，交投最活跃的2026年2月黄金 期货价格一度达到每盎司4581.30美元，3月白银期货价格突破每盎司79美元，逼近80美元。 目前，白银相对强弱指数（RSI）读数为93.86，为自1980年1月以来最高。当时RSI曾创下98.77的历史 最高纪录。一些市场分析人士认为，任何高于70.0的RSI读数都表明市场上涨过度，后续可能出现回 调。 最近一周，纽约商品交易所黄金期货RSI创下历史最高纪录，达95.94。黄金RSI历史第二高值出现在 1980年1月，当时达94.69。 此外，纽约铜价继续上涨，进一步巩固了铜价的年度涨幅。一些投资者押注2026年全球铜供应将趋紧。 纽约商品交易所期铜价格26日上涨近4%，至每磅5.7855美元。 有人发帖称，一觉醒来躺赚18万元。"涨到可怕！是不是可以卖了？"一位9月下午才入手白银基金的网 友说，两只期货基金A和C整体涨了近70%。其中A被转入场内后。算上溢价涨了100%。 今年以来，黄金价格飙升逾70%，有望创下自1979年以来最大年度涨幅。白银价格今年迄 ...

在美联储降息预期、各国央行加大贵金属储备，以及市场上投资性资金大量涌入的背景之下，2025年包括黄金、白银在内的贵金属价格 有望创出本世纪以来最大年度涨幅。 如果将金、银、铂、钯视为单纯的投资品种，从年内价格变动的情况来看，2025年以来金、银、铂、钯等贵金属的价格涨幅远超同期铜、铝等 基本金属的价格涨幅，也明显超过同期美股市场道琼斯工业指数，以及同期A股市场上证指数涨幅。贵金属已成为2025年以来回报率最高的大类 投资品种之一，2025年俨然成为贵金属的投资"大年"。 黄金：多种因素助推 金价或创下最近46年来最大年度涨幅 2025年的黄金显然迎来了投资"大年"。行情数据显示，截至目前，伦敦金现货价格已突破4500美元/盎司，年内累计涨幅已超过70%。 数据显示，上一次伦敦金年度涨幅超过70%还是46年前的1979年，当年伦敦金现货价格涨幅超过100%。由于2025年仅剩下几天，这意味着， 2025全年黄金价格将大概率创出本世纪以来最大年度涨幅，并将大概率创出最近46年来最大年度涨幅。 2025年以来金价的大幅上行受到多种因素助推，其中美联储的降息动作，以及进一步降息的预期是其中一项重要原因。截至目前，20 ...

本周贵金属价格频频创出新高，引领年末行情。当地时间2 6日，是美国传统节假日后的 首个交易日，贵金属黄金、白银、铂金再度迎来全线大涨，再刷历史纪录。 总台央视记者 贺嘉婧： 受避险需求增加等因素拉动，国际黄金、白银价格26日再创历史 新高。截至当天收盘，黄金期货主力合约价格上涨1.11%，达每盎司4552.7美元；白银 期货主力合约价格大涨7.69%，达每盎司77.196美元。本周三个完整交易日，黄金和白 银期货价格保持上涨势头，接连刷新收盘历史纪录。 在美元持续走软的背景下， 黄金市场本周受到地缘政治风险升温的支撑，持续保持强劲 走势 。近期，美国针对委内瑞拉的石油制裁和对该国石油贸易封锁升级等诸多不确定性 因素，显著提升黄金的避险吸引力。 黄金流动性外溢效应、美元走软以及供应紧张等因素还带动铂金、钯金等贵金属价格飙 升。 铂金期货价格本周飙升至历史新高，首次突破每盎司2400美元大关，全周涨幅超 22% ；钯金期价上涨约13%，达到2023.3美元/盎司，创三年多来的最高水平。 展望后市，市场押注美联储明年将继续实施宽松货币政策，加之美元走软、全球央行购金 热潮持续等因素， 多家国际金融机构预计，2026 ...

Group 1 - The global precious metals market has experienced a historic surge, with silver prices rising by 10% to nearly 20 yuan per gram, gold reaching a record high of $4549 per ounce, and platinum jewelry prices exceeding 1000 yuan per gram [1] - The price increase in silver has led to significant gains for investors, with reports of individuals making as much as 180,000 yuan overnight [1] - The Panda silver coin has seen a price increase of 40 yuan for the 30-gram specification, totaling an 80 yuan rise over two nights, indicating strong demand in the coin collecting market [4] Group 2 - The surge in silver prices has caused the Guotou Silver LOF, which primarily invests in silver futures, to experience severe premiums, with a premium rate around 30% despite consecutive trading halts [8] - Following 16 risk warnings, Guotou Silver LOF announced a temporary suspension of its A-class fund shares starting December 29, 2025, to manage market risks [8] - Analysts have noted that the silver market is smaller and less liquid compared to gold, lacking institutional support, making it more susceptible to speculative trading and price volatility [8]

Core Viewpoint - The global precious metals market experienced a historic surge, with silver prices rising significantly and setting new records, indicating a strong speculative interest and underlying industrial demand [2][4][13]. Group 1: Price Movements - Silver surged by 10%, reaching a peak of $79.405 per ounce, with an annual increase exceeding 170% [4]. - Spot gold hit a record high of $4549 per ounce, while NYMEX platinum rose by 11.84%, also achieving a historical peak [4]. Group 2: Market Behavior - A notable increase in trading activity was reported, with a jeweler in Hangzhou stating that customer transactions for silver have surged, reflecting a "frenzy" in buying behavior [12]. - A customer reportedly bought 5 kilograms of silver at 15 yuan per gram and sold it for 19 yuan per gram within a week, making a profit of 20,000 yuan [12]. Group 3: Underlying Factors - The current surge in silver prices is attributed to a combination of a loose monetary environment, geopolitical risks, and increased industrial demand, particularly from the solar energy and electric vehicle sectors [13]. - The World Silver Association reported a continuous supply shortage in the market, with a projected cumulative shortfall of approximately 25,500 tons from 2021 to 2025 [13]. Group 4: Market Risks - Despite the long-term support from green energy demand, silver prices are at historical highs, which may suppress future demand. The current price levels may have already factored in optimistic expectations, leading to potential risks of a price correction [13].

Group 1 - Silver prices surged by 10%, approaching 20 yuan per gram, while spot gold reached a historic high of 4549 USD per ounce, marking a significant increase in precious metals [1] - The price of the 30-gram Panda silver coin increased by 40 yuan, with a total rise of 80 yuan over two days, indicating strong demand in the coin market [4] - Investors in silver funds reported gains of nearly 70%, with one fund experiencing a 100% increase when accounting for premiums [6] Group 2 - The demand for silver has surged, with a jewelry store owner in Hangzhou reporting a significant increase in transactions, including a customer who made a profit of 20,000 yuan by buying and selling silver within a week [10] - Another jewelry store owner noted a "frenzied" buying atmosphere, with customers purchasing large quantities of silver bars, indicating a strong market interest [12] - The National Investment Silver LOF fund has experienced severe premiums, with a premium rate around 30%, and has issued multiple risk warnings due to market volatility [15]

格隆汇12月27日｜现货白银周五盘中一度大涨超10%至79.338美元/盎司，再创历史新高，年初至今涨幅 已扩大至174%。市场人士指出，白银本轮"爆发式补涨"背后存在多重结构性支撑：一方面，白银市场 持续存在供应缺口，工业需求强劲；另一方面，美国将白银列入"关键矿产(Critical Mineral)"的政策定 位，也进一步提升其战略属性与估值溢价；与此同时，投资资金持续流入，使白银行情进入典型的趋势 加速阶段。 Zaner Metals副总裁兼高级金属策略师Peter Grant表示："市场对2026年进一步降息的预期、美元疲软以 及不断升温的地缘政治紧张正在推动贵金属在流动性稀薄的市场中出现更大波动。虽然年底前存在一定 获利了结风险，但趋势仍然强劲。" ...