Report Industry Investment Rating No information provided. Core View of the Report The report believes that silver has entered a strong upward channel in price, and it is expected to break through 10,000 yuan/kg in Q3 2025. Despite short - term technical corrections due to factors like the Fed's hawkish stance and high inventory pressure, the rigid supply - demand gap and the momentum for gold - silver ratio repair remain unchanged. Investors are advised to build long positions in batches on dips to await the dual catalysts of macro - impacts and supply - demand gaps in the second half of the year [2][3][25]. Summary by Related Catalogs 1. Macro Environment - The global monetary easing cycle continues. The Fed is expected to cut interest rates, with a more than 50% probability in July and a 52% probability in September. The actual interest rate is on a downward trend, which will significantly reduce the opportunity cost of holding silver. China has released liquidity through MLF and reserve requirement ratio cuts, and the ECB has cut interest rates by 25 basis points in June, with further cuts likely. Historically, silver has usually outperformed gold during interest - rate decline periods [3][4][5]. - Geopolitical risks are escalating. In the Middle East, the US military's air - strikes on Iranian nuclear facilities and the threat of a larger - scale attack, along with the discussion of closing the Hormuz Strait by Iran, will push up inflation and risk - aversion premiums. The continuation of the Russia - Ukraine conflict and the intensification of global trade frictions have increased the VIX panic index by 15% compared to 2023, leading to a shift of funds from risky assets to precious metals. Silver has a more prominent risk - aversion elasticity [9][10]. - The global "de - dollarization" process is accelerating. Central banks' silver - buying trend continues, with a 1230 - ton purchase in 2024 (18% year - on - year increase). The US stable - coin bill exposes the internal contradictions of the US monetary system, and emerging markets are diversifying their foreign - exchange reserves by increasing precious - metal holdings, including silver [12]. 2. Supply - Demand Pattern - Supply growth is weak. Global silver production decreased by 2% in 2024. The supply is constrained by factors such as the scarcity of silver mines and recycling bottlenecks. In 2025, the global silver supply gap is expected to reach 117.6 million ounces (about 3659 tons), marking the fifth consecutive year of shortage [3][15]. - Demand is expanding. The recovery of the global semiconductor industry and the acceleration of 5G base - station construction have increased the demand for industrial silver. The demand for silver coins and bars is expected to grow by more than 7% in 2025 [17]. 3. Financial Attribute - The current gold - silver ratio is as high as 94, far exceeding the historical average range of 60 - 80. Historically, after the gold - silver ratio exceeded 80, it was usually repaired through the accelerated rise of silver. If the ratio returns to 80, based on the current COMEX gold price of $3400/ounce, the corresponding silver price would be $42.5/ounce, equivalent to over 10,000 yuan/kg in the domestic market [3][18][20]. - The historical performance of silver shows that in 2011, it once exceeded $35/ounce and then reached $49.5/ounce in less than two months. Recently, it has broken through $35/ounce again, indicating that a bull - market rally can be expected [22].

Investment Rating - The industry investment rating is "Strong Buy" [1] Core Viewpoints - The fifth gold-silver ratio has reached a historical peak, indicating that silver prices are in urgent need of correction. Historically, the price trends of gold and silver have shown a positive correlation. The gold-silver ratio has peaked four times since 1968, corresponding to significant global crises. The current gold-silver ratio peaked at 104 during the trade war initiated by the Trump administration, and has since corrected to around 93, suggesting a potential silver price increase of 56% if the ratio returns to 60 with gold priced at $3,400 per ounce [2][24]. - Silver supply and demand are stable, with physical investment demand expected to recover in 2025. The global silver supply is projected to be 32,100 tons in 2025, a slight increase of 1.52%. The demand for silver is expected to decline slightly by 1.36% in 2025, but physical investment demand may see a recovery due to the correction in the gold-silver ratio [2][36]. - Investment recommendations include focusing on companies such as Xingye Silver Tin and Shengda Resources [2]. Summary by Sections Section 1: Financial and Industrial Attributes of Silver - Silver possesses both financial and industrial attributes, with its price closely linked to economic conditions. The historical data shows a positive correlation between gold and silver prices, especially during times of economic instability [14][17]. - The current economic environment, characterized by easing recession fears and improving economic expectations, is expected to drive a rebound in silver prices [18][21]. Section 2: Supply and Demand Dynamics - The global distribution of silver is widespread, with stable mining output. In 2024, global silver production is expected to be 25,000 tons, with Mexico, Peru, and China being the leading producers [30][32]. - The overall supply of silver is expected to remain stable, with a projected supply of 31,600 tons in 2024, slightly increasing to 32,100 tons in 2025. The demand structure is primarily driven by industrial needs, jewelry, and investment [36][39]. - Silver demand is projected to be approximately 36,207 tons in 2024, with industrial demand accounting for 59% and investment demand for 16% [39][43]. Section 3: Company Comparisons - **Xingye Silver Tin**: The company is expected to achieve a silver production of 304 tons in 2025, a 32.8% increase from 2024. The company holds significant silver mining assets, positioning it as a potential global leader in silver and tin production [52]. - **Shengda Resources**: The company is projected to produce 173 tons of silver in 2025, with a focus on expanding its mining capacity in the coming years. The company has shown significant growth in net profit, indicating strong operational performance [54].

Group 1: Silver Market Overview - The year 2024 is projected to be exceptionally bright for silver, with prices increasing by 21% year-to-date and a peak-to-trough increase exceeding 50% [1] - The London silver spot price has shown a significant upward trend since 2025, reaching a high of over $36 per ounce in early June, marking a year-to-date increase of over 25% [1] - The silver market has experienced a supply shortage for the fourth consecutive year, indicating strong fundamentals [1] Group 2: Demand and Supply Dynamics - Domestic policies aimed at expanding demand, such as "two new" and "two heavy" initiatives, are expected to gradually release growth elasticity in silver demand, particularly in high-end manufacturing [1] - The global silver supply-demand balance is anticipated to remain in deficit, with prices expected to gradually rise [1] - The recent surge in silver prices is driven by improved international trade conditions and heightened expectations for Federal Reserve interest rate cuts, leading to increased capital inflow into the silver market [1][3] Group 3: Silver-Related Companies - China Silver Group (00815) is a state-owned professional silver producer and comprehensive operator, covering the entire silver industry chain, including manufacturing, jewelry retail, and trading [2] - The company reported a total revenue of 4.319 billion yuan in 2024, a year-on-year decrease of 20.97%, and a net profit attributable to shareholders of 9.966 million yuan, down 31.5% year-on-year [2] Group 4: Market Influencing Factors - The gold-silver ratio has reached historical highs, indicating that silver may be significantly undervalued [3] - Geopolitical tensions and trade policy changes have increased global risk aversion, boosting demand for precious metals [3] - The weakening U.S. dollar index has provided support for silver prices, which are priced in dollars [3] - Significant inflows into the largest silver ETF since February 2025 have led to increased price volatility due to the low liquidity in the silver market [3] - A persistent supply-demand imbalance since 2021 has provided fundamental support for rising silver prices [3]

Core Viewpoint - Silver prices have surged significantly in June, reaching a nearly 14-year high, driven by industrial demand and safe-haven sentiment [1][2]. Group 1: Price Movement and Market Dynamics - International silver prices rose from approximately $33 per ounce to over $37 per ounce, peaking at $37.24 per ounce on June 17 [1]. - Analysts attribute the price increase to a combination of strong investment demand, widening supply-demand gaps, and expectations of interest rate cuts by the Federal Reserve [1][2]. - The gold-silver ratio has increased from 80 to 105, indicating a relative undervaluation of silver, which has attracted investment [2]. Group 2: Industrial Demand and Supply Factors - Industrial demand for silver has reached a historical high of 59% of total demand, indicating its growing importance over its monetary attributes [3]. - The World Silver Association forecasts a global silver demand of 36,700 tons in 2024, with a supply of only 31,700 tons, resulting in a supply gap of 5,000 tons [3]. - The photovoltaic sector has become a significant growth driver for silver demand, with its consumption increasing from 2,330 tons in 2019 to 6,147 tons in 2024, contributing 78% of the total demand increase [4]. Group 3: Future Price Projections - Multiple institutions predict that silver prices will continue to rise, with estimates suggesting prices could reach $38 per ounce by the fourth quarter of 2025 [5][6]. - The anticipated growth in photovoltaic installations is expected to further stimulate silver demand, alongside the potential for interest rate cuts by the Federal Reserve [6]. - Despite the positive outlook, some analysts caution that global economic downturn risks could lead to significant price corrections [7].

Group 1: Air Conditioning Market Dynamics - The air conditioning market is experiencing a fierce price war, with 1.5 HP energy-efficient products priced as low as 1200 yuan, leading to an 18% year-on-year decline in average prices and inventory nearing 50 million units, indicating a combination of weak demand and overcapacity [1] - Despite government support for aluminum use in home appliances, the adoption is slow due to limitations in material performance, lack of standards, and consumer trust issues [1] - Companies like Gree and Changhong continue to favor copper materials, enhancing performance and emphasizing high-quality branding through extended warranty promises [1] - Complaints in the air conditioning sector surged by 22% in the first half of 2025, with over 40% related to issues like "energy efficiency misrepresentation" and "shortened lifespan," highlighting consumer distrust in new material products [1] - Manufacturers focusing on copper performance and quality, such as Gree and Changhong, are suitable for conservative investors to monitor their profitability and brand premium maintenance [1] Group 2: Green Hydrogen Industry - Green hydrogen is a strategic emerging industry under the "dual carbon goals," serving multiple functions such as clean energy, energy storage, and chemical raw materials, and is crucial for industrial decarbonization [1] - By the end of 2024, over 560 hydrogen-related policies will have been issued nationwide, with hydrogen energy being prioritized by the central government and 22 provincial governments; the "Energy Law" has granted hydrogen energy legal status for the first time [1] - The green hydrogen sector is transitioning from "technology validation" to "commercial scale," characterized by its immature state but significant potential, representing a long-term structural opportunity [1] - Focus should be on low electricity cost regions (e.g., the western regions) and companies with self-generation capabilities; there is substantial room for domestic substitution in electrolyzer technology, presenting opportunities for equipment manufacturers [1] Group 3: Oil and Gas Market Response to Geopolitical Tensions - The recent escalation in the Middle East, particularly Israel's military actions against Iran, has heightened concerns over potential disruptions in oil transport through the Strait of Hormuz, leading to increased oil price expectations [2] - Although Iran's oil supply accounts for only 3-4% of global supply, its strategic location means that any transport disruptions could push oil prices above $90 [2] - The current global oil demand season, combined with a dovish outlook from the Federal Reserve and increased global inventory replenishment needs, supports upward pressure on oil prices [2] - Oil and gas ETFs, such as the S&P Oil & Gas ETF, have shown significant strength, presenting short to medium-term investment opportunities, particularly for companies with upstream oil fields or resource reserves [2] - The ongoing geopolitical tensions are likely to maintain high oil prices, with Brent crude recently breaking through key resistance levels [3] Group 4: Silver Market Trends - Silver prices have surged significantly, primarily driven by the "gold-silver ratio repair" logic, with the ratio exceeding 100 in April, indicating silver was severely undervalued [4] - The recent rise in silver prices is supported by a substantial increase in gold prices, market sentiment spillover, technical breakthroughs, and ETF accumulation, resulting in over a 50% increase from low to high [4] - Although the gold-silver ratio has decreased, it remains above the long-term average, suggesting further upside potential for silver, making it an attractive option for flexible allocation within precious metals [4] - Complex geopolitical situations and renewed trade tensions between the U.S. and China are amplifying market demand for safe-haven assets [4] - Despite the bullish outlook, silver is more susceptible to economic cycles; a potential global economic slowdown could exert downward pressure on silver prices [4] - The silver market is expected to exhibit characteristics of "strong support, high volatility," driven by safe-haven demand and valuation recovery, suggesting a strategy of trend-following and gradual accumulation rather than aggressive buying [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global risk preference is on the rise due to the positive progress of US trade negotiations, with the US showing good progress in tariff negotiations, such as the potential for an interim trade agreement between India and the US by the end of the month and the near - agreement on steel import tariffs between the US and Mexico. In China, May's export was slightly lower than expected, but the trade surplus was higher than expected, which boosts domestic risk preference in the short term [3]. - Different asset classes have different short - term trends: stocks are expected to be volatile in the short term, with a cautious long - position strategy; bonds are at a high level and volatile, suggesting cautious observation; commodities show different trends in sub - sectors [3]. 3. Summary by Relevant Catalogs Macro - finance - **Global and Domestic Market Conditions**: Overseas, US tariff negotiations are going well, which boosts global risk preference. In China, May's export was slightly lower than expected, but the trade surplus was higher than expected, strengthening the short - term economic pull of net exports and boosting domestic risk preference. The ongoing Sino - US economic and trade consultations may affect the market in the short term, increasing market volatility [3]. - **Asset Performance and Strategies**: Stocks are expected to be volatile in the short term, with a cautious long - position strategy; bonds are at a high level and volatile, suggesting cautious observation; in the commodity sector, black commodities are rebounding from a low level, suggesting cautious observation; non - ferrous metals are oscillating and rebounding, suggesting cautious long - positions; energy and chemical products are oscillating and rebounding, suggesting long - positions; precious metals are at a high level and volatile, suggesting long - positions [3]. Stock Index - **Market Performance**: Domestic stocks continued to decline slightly, dragged down by sectors such as semiconductors, artificial intelligence, and military industry. - **Fundamentals and Influencing Factors**: China's May export was slightly lower than expected, but the trade surplus was higher than expected, which helps boost domestic risk preference in the short term. The ongoing Sino - US economic and trade consultations may affect the market in the short term, increasing market volatility. The market's trading logic focuses on US trade policy changes and trade negotiation progress. - **Operation Strategy**: Short - term cautious long - positions [4]. Precious Metals - **Market Performance**: Gold prices fell slightly, with Shanghai gold dropping to 774 yuan/gram and Shanghai silver remaining at a high level of 8889 yuan. - **Influencing Factors**: Trade improvement boosts risk preference. Investors are waiting for more information on Sino - US consultations and focusing on the upcoming consumer price index data to judge the Fed's policy path. There are stagflation risks, and the Sino - US economic and trade consultation eases the trade situation, but negotiations between the US and other countries are ongoing. - **Operation Strategy**: Silver has a demand for technical breakthrough and catch - up growth, and the gold - silver ratio may be repaired. Gold is expected to remain at a high level and volatile. A callback - buying strategy is recommended, and attention should be paid to long - term layout opportunities after a phased callback [5]. Energy and Chemicals Crude Oil - **Market Performance**: Oil prices fell slightly as the market awaited the results of Sino - US trade talks. - **Influencing Factors**: The US Commerce Secretary said the talks were fruitful, but no agreement was announced. Some Canadian oil sands production affected by wildfires is resuming, and API data shows concerns about recent demand due to large increases in refined oil inventories despite a slight decrease in crude oil inventories. - **Trend Outlook**: Oil prices will continue to fluctuate in the near future [6][7]. Asphalt - **Market Performance**: Oil prices fell slightly, and asphalt prices remained at a high level and volatile. - **Influencing Factors**: Demand has recovered to some extent, but the recovery is limited. The basis in major consumption areas has declined significantly, and the market structure has weakened following the spot market. After profit recovery, production has increased, and inventory depletion has stagnated. - **Trend Outlook**: In the short term, it will continue to fluctuate at a high level following crude oil [7]. PX - **Market Performance**: PX prices are in a weak and volatile short - term pattern, with the external market price dropping to 817 US dollars and the PXN spread dropping to 257 US dollars. - **Influencing Factors**: PTA's recent increase in production has led to higher future demand for PX, and there are still many domestic maintenance plans from June to July, so the supply is expected to be tight. However, the recent decline in PTA prices has led to a decline in the external PX market. - **Trend Outlook**: It will maintain a weak and volatile pattern in the short term [7]. PTA - **Market Performance**: PTA's basis remains high, and the monthly spread has declined slightly. There is a high probability of a slight inventory accumulation pattern starting in June, and after the June contract delivery, the tight supply in the circulation link may ease, and both the structure and price may decline. - **Influencing Factors**: In recent days, the polyester market's logic is mainly related to the cost side, with a high degree of resonance with crude oil and limited self - driving factors. - **Trend Outlook**: It will mainly maintain a weak and volatile pattern [7]. Ethylene Glycol - **Market Performance**: The visible inventory of ethylene glycol remains above 650,000 tons, and inventory depletion is limited. - **Influencing Factors**: There are still many expectations for the return of syngas plants, and the supply side is putting pressure on the market. Downstream production has decreased due to production cuts, and the inventory depletion rate may decrease marginally. - **Trend Outlook**: It may maintain a volatile pattern in the near future [8]. Short - fiber - **Market Performance**: Short - fiber prices are in a weak and volatile pattern. - **Influencing Factors**: The recovery of terminal orders is significantly slower than expected, and short - fiber prices have weakened. Downstream production is expected to decrease in the short term, and short - term orders are still weak, leading to an increase in inventory. - **Trend Outlook**: It will continue to be weak and volatile in the short term [8]. Methanol - **Market Performance**: The port methanol market price is oscillating and rising, and the basis has increased. The inland and port inventories are rising simultaneously. - **Influencing Factors**: Due to the "ship age limit" event, the expected import volume is decreasing, and the port inventory accumulation process is expected to slow down. Inland plant production is gradually increasing, and the supply is abundant, while the downstream demand is generally good. - **Trend Outlook**: It is expected to oscillate and repair in the short term, but the price may decline in the long term [9]. PP - **Market Performance**: The domestic PP market is oscillating narrowly, and the futures price has slightly recovered with other energy - chemical products, but the space is limited. - **Influencing Factors**: PP production is increasing both year - on - year and month - on - month, with new production capacity being put into operation. Downstream production has slightly decreased, and inventory has increased significantly after the holiday, with high finished - product inventory, and the fundamentals are deteriorating. - **Trend Outlook**: The price will be under pressure and move downward in the long term [10]. LLDPE - **Market Performance**: The polyethylene market price has been adjusted, with prices rising in different regions. - **Influencing Factors**: The import windows for some LD and HD varieties are open, but there are not many import offers. The proportion of linear film production is the highest, and plant production is gradually resuming, while downstream production has slightly decreased, and inventory has increased to a neutral level. The expected new production capacity is suppressing prices. - **Trend Outlook**: The rebound space is limited, and attention should be paid to medium - and long - term short - selling opportunities [11][12]. Non - ferrous Metals Copper - **Market Performance**: The market is waiting for the results of Sino - US negotiations in London, and copper prices are expected to be volatile in the short term. - **Influencing Factors**: The copper ore supply is relatively tight, the copper concentrate TC has slightly increased, and the port inventory of copper concentrate is at a high level. Electrolytic copper production is at a high level, and there is no strong motivation for production cuts. The peak demand season is approaching its end, and there are risks of a marginal decline in demand. - **Trend Outlook**: It will be volatile in the short term [13]. Aluminum - **Market Performance**: Aluminum ingot inventories have continued to decline significantly, but the market's expectations are weak. - **Influencing Factors**: The subsidy funds for home appliances in Zhengzhou have been used up, and the demand side may weaken marginally under the high - supply background, and inventory depletion may slow down or even turn into inventory accumulation. - **Trend Outlook**: No clear short - term trend is mentioned, but there are concerns about future inventory changes [13]. Tin - **Market Performance**: Tin prices have rebounded, and there is potential for further short - term price repair. - **Influencing Factors**: The domestic tin ore supply is tight, processing fees have decreased, and the combined operating rate in Yunnan and Jiangxi has declined. The resumption of production in Myanmar's Wa State may be delayed, and Thailand has suspended tin ore transportation from Myanmar. The demand side has mixed trends, with some products maintaining high growth and others weakening, and it is entering the seasonal off - season. - **Trend Outlook**: The price may continue to repair in the short term, but the upside space is limited due to high - tariff risks, resumption of production expectations, and marginal demand decline [14]. Agricultural Products US Soybeans - **Market Performance**: The overnight CBOT 11 - month soybean contract closed at 1031.25, up 0.50 or 0.05%. - **Influencing Factors**: The weather conditions in US soybean - producing areas are good, the sowing progress is fast, and the production situation is stable for now. In South America, Brazil's soybean premium is still strong, and Argentina's soybean harvest is 91%, with the production volume adjusted down to 48.5 million tons. The USDA's June supply - demand report may have a neutral impact on the market, and the focus is on the end - of - month US soybean planting area forecast report. - **Trend Outlook**: The market expects an increase in US soybean planting area compared to previous expectations [15]. Soybean and Rapeseed Meal - **Market Performance**: The national dynamic full - sample oil mill operating rate increased by 1.49% to 65.03% compared to the previous day. - **Influencing Factors**: The soybean meal basis is low, and inventory repair is ongoing. The lack of upward momentum in US soybeans also means that soybean meal lacks stable upward support. For rapeseed meal, the inventory depletion in ports is slow, the Sino - Canadian trade relationship is expected to improve, and downstream demand is cautious due to the higher cost - performance of soybean meal. - **Trend Outlook**: No clear short - term trend is mentioned [16]. Corn - **Market Performance**: The short - term port inventory pressure is not large, and the price is stable. - **Influencing Factors**: The price difference between Shandong and North Ports/South Ports and North Ports is high, and the North Port's shipping volume is large, with rapid inventory depletion. The inventory of North China's deep - processing enterprises is at the end - of - year level, and the replenishment demand is strong. The proportion of wheat used for feed is increasing in most regions except for wheat - producing and consuming areas. - **Trend Outlook**: In the medium term, if the price difference between Brazilian and domestic corn narrows as expected, the price of old - crop corn is likely to rise [17]. Palm Oil - **Market Performance**: In May, Malaysia's palm oil production, import, export, and ending inventory all increased. In June, Malaysia's palm oil exports continued to improve, and the price remained stable within a certain range. - **Influencing Factors**: The improvement in exports and the strength of external crude oil and oils support palm oil prices. - **Trend Outlook**: It will remain stable within a certain range [18]. Pork - **Market Performance**: After the Dragon Boat Festival, the slaughter volume decreased, but the order volume has increased recently. The spot price has stabilized after a decline. - **Influencing Factors**: Consumption is weak in summer, and the supply is increasing as large - scale farms plan to increase the slaughter volume in June, and the average slaughter weight is decreasing. The "reserve purchase" information has boosted the farmers' reluctance to sell, and the second - fattening enthusiasm has increased, which has helped stabilize the spot price. - **Trend Outlook**: The futures and spot markets are under pressure in the short term, but the spot price has shown signs of stabilization [18].

Group 1 - Silver has recently entered a rebound phase, attracting market attention, with its price lagging behind gold by 5 percentage points year-to-date as of June 9, 2025 [1] - The increase in silver prices is attributed to a tightening supply-demand dynamic, with industrial demand rising while supply remains stagnant, leading to a supply gap of 148.9 million ounces in 2024 [2] - The global risk aversion sentiment has decreased, contributing to the recent rise in silver prices, as the market shifts from a "recession trade" to a "stagflation trade" [3] Group 2 - Financial market trends indicate a strong bullish sentiment towards silver, with significant increases in holdings in the largest silver ETF, SLV, and rising speculative positions [4] - The historical gold-silver ratio suggests that there is still room for downward correction, with the current ratio at 92, indicating potential for silver price increases if the macroeconomic environment shifts favorably [4] - Technical analysis shows that silver has broken through significant resistance levels, with current trends indicating a bullish outlook supported by various factors including supply-demand tightness and inflows of speculative capital [5]

金价高位震荡，白银狂飙。 市场普遍分析认为，随着关税政策的调整，全球贸易格局面临重塑，金属市场的供应链稳定性受到冲击。投资者为了规避可能的风险，将资金转移至相对 稳定且具有避险属性的贵金属市场，白银作为其中的重要一员，自然成了资金流入的方向。这种基于宏观政策变动引发的市场行为，直接推动了白银价格 近日，贵金属市场上演了一场令人瞩目的行情。 现货白银价格大幅飙升，一度涨幅超过4.5%，突破关键的36美元/盎司整数关口，达到了自2012年2月以来的最高水平。尽管在收盘时价格有所回落，但仍 收报于35.63美元/盎司。 今年以来，现货白银累计涨幅已达约24%，展现出强劲的上升势头。投资白银的时机到了吗？后市会怎么走？ 白银价格涨幅超过黄金 市场数据显示，本周现货黄金价格累计上涨约0.6%，而现货白银的累计涨幅却超过9%，站上35美元/盎司关口，其间更是一度突破36美元/盎司关口，为 2012年2月以来首次。 有分析人士表示，这种分化主要由金银比修复逻辑、白银特有属性及市场情绪共振驱动所致。最近一段时间，金银价格比一度升至1比100，相当于1盎司 黄金可以换100盎司白银，已经远远高于历史均值，这一极端比值暗示要么白 ...

央行增持黄金也受关注，中国5月末黄金储备环比增加6万盎司，为连续第7个月增持。然而，深圳水贝黄金珠宝市 场多位从业者表示，目前下游出货量未见显著增长，金价仍处高位，新款产品不多，从业者较为谨慎。 【环球网财经综合报道】美东时间6月6日，现货黄金价格下跌超1.2%，收报3309.47美元/盎司；6月7日，国内部 分品牌金饰金价重回每克1000元之下。不过，白银价格近期持续走高，本周现货白银价格累计上涨超9%，一度站 上36美元/盎司，为2012年2月以来首次，涨幅远超本周累计上涨约0.6%的现货黄金。 市场公开信息显示，美国银行预计到今年年底或2026年初，黄金价格将达每盎司4000美元，白银价格将达每盎司 40美元；花旗集团将黄金价格短期预测上调至每盎司3500美元，理由是美国关税政策升级及地缘政治风险加剧推 动避险资产走强。（陈十一） 分析人士指出，金银分化主要由金银比修复逻辑、白银特有属性及市场情绪共振驱动。近期金银价格比一度升至1 比100，远高于历史均值，暗示白银或被低估、黄金或被高估。且白银市场规模小，资金流入易引发更大波动。此 外，白银更受益于工业需求提振，市场担心贸易保护措施推升其避险和替代性需 ...

白银价格涨幅超过黄金 市场数据显示，本周现货黄金价格累计上涨约0.6%，而现货白银的累计涨幅却超过9%，站上35美元/盎司关口，其间更是一度突破36美元/盎司关口，为 2012年2月以来首次。 伦敦金现 < w SPTAUUSDOZ.IDC 总量 3351.920 0 3309.470 昨结 3353.827 现手 0 -42.450 -1.27% 开盘 最高价 3375.640 持 仓 外 盘 0 0 最低价 3306.915 增 仓 内 盘 0 0 五日 周K 月K 分时 更多 叠加 - 设均线 - MA5:3353.395↑ 10:3330.236↓ 20:3294.513↓ 3550.832 ← 3500.120 3228.123 2956.125 2905.414 2025-03-28 06-06 05-21 05-05 04-16 金价高位震荡，白银狂飙。 美东时间6月6日，现货黄金价格下跌超过1.2%，收报3309.47美元/盎司。而在6月7日，国内部分品牌金饰的金价也回到了每克1000元之下。 值得注意的是，在黄金价格开启高位震荡行情之际，白银价格近期持续走高，引发市场关注。数据显示，本周，现 ...