1月2日，贵金属集体走高，现货黄金跳空高开，日内大涨55美元，突破4370美元/盎司，涨1.27%。 现货白银日内涨幅一度扩大至3%，向上触及73美元/盎司。 | W | | | 伦敦银现 | | | | O | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | SPTAGUSDOZ.IDC | | | | | | 73.330 | | 昨结 | 71.577 | | 总量 | | 0 | | +1.753 | +2.45% 开盘 | | 72.493 | | 现手 | | 0 | | 最高价 | 73.689 | 持 せ | | 0 | 外 물 | | 0 | | 最低价 | 71.194 | 播 せ | | 0 | 内 물 | | O | | 分时 | モ日 | 日K | 周Ｋ | | 月K | 更多 | (0) | | 疊加 | | | | | 均价:0.000 | | | | 73.689 | | | | | 2.95% 卖- | 73.363 | | | | | | | | ने | 73.330 | | | | | | | | | ...

周五期银收涨近8%，创三年多最大涨幅，盘后和现货白银涨幅扩大到10%以上。今年以来，银价涨幅是黄金两倍多。这轮行情由工业需求强劲与供应趋 紧共同推动，更因散户投资者大举涌入而急剧放大。从实物银条到白银ETF，普通投资者的热情推高了交易量，也加剧了市场波动。分析警告，白银市场 易出现急涨急跌行情，当前散户主导的狂热正将价格推向风险边缘。 白银在欧美交易时段持续上行，美股盘后，日内涨幅扩大10%以上，盘后创最高纪录时，现货白银涨至79.3136美元，日内涨近10.4%，纽约期银主力 合约3月合约涨至79.665美元，较前一交易日收盘涨11.1%。而纽约期金主力合约和现货黄金在美股早盘创盘中最高纪录时才分别涨1.8%和1.6%。 受益于地缘政治紧张局势加剧、美元走软以及圣诞节次日市场流动性不足，本周五金银齐创历史新高，白银首次逼近80美元/盎司，迅猛涨势远超黄 金。 美股午盘时段期银收盘时，纽约期银即月合约已创三年多最大涨幅，COMEX 12月白银期货收涨7.68%，报76.486美元/盎司，不但收创最高纪录，而 且创2022年10月以来最大日涨幅。本周该即月合约累涨14.42%，2020年7月以来最大周涨幅，连涨 ...

白银价格在2026年能否突破100美元大关，已成为众多贵金属市场投资策略师的焦点。他们已将目光从传统的技术指标转向结构性货币动态。随着各国央行 资产负债表的持续扩张和地缘政治紧张局势重塑全球贸易格局，白银已成为工业必需品和货币对冲工具的独特结合体。供应限制、技术需求加速增长和货币 贬值的融合创造了一个远超传统贵金属周期的情景框架。 现代投资组合理论传统上将白银视为商品或通胀对冲工具，但新证据表明，这种分类可能从根本上误解了该资产在全球经济体系中不断演变的角色。机构和 散户投资者面临的核心问题不在于贵金属是否会升值，而在于如何制定策略来应对由结构性而非周期性因素驱动的潜在指数级波动。 三位数的银价对投资者意味着什么？ 1. 如何定义三位数价格这一门槛？ 三位数白银价格指每盎司100美元以上的价格水平，这一门槛对投资组合配置和财富保值策略具有深远影响。12月，国际现货白银首次突破每盎司70美元， 使该金属距离这一心理和数学里程碑仅一步之遥。 其意义远不止价格上涨那么简单。历史分析表明，自1980年白银价格达到每盎司约49.45美元的峰值以来，其相对于货币创造的购买力已大幅下降。当前的 货币状况表明，要实现真正的经 ...

文 |小戎 哈喽，大家好，小戎这篇国际评论，主要来分析近期黄金、白银等贵金属价格狂飙创历史新高，涨势传 导全球，背后多因素共振推动的市场态势。 家人们谁懂啊！今年的贵金属市场直接开了"狂飙"模式，黄金、白银、铂金跟比赛冲终点似的，一个个 全都突破历史新高，这涨势看得人目瞪口呆！ 在阅读文章前，辛苦您点下"关注"，方便讨论和分享。作者定会不负众望，按时按量创作出 更优质的内容 全球都在抢贵金属？ 先看黄金大哥，直接干到4500美元/盎司的新高度，今年以来涨了超三分之二，眼看就要创下1979年以 来的最佳年度战绩。 这波操作纯属"天时地利人和"：地缘政治一闹，大家赶紧囤黄金避险；各国央行疯狂买入当"压舱石"， 连黄金ETF都成了香饽饽，除了5月全月都在吸金。 说白了就是大家怕全球债务太多，钱不值钱，纷纷把黄金当成"硬通货保险箱"，不过要注意，最近买黄 金ETF的多是散户，这些钱来得快去得也快，金价可能还会"上蹿下跳"，但高盛都预测2026年能涨到 4900美元，这是把"多头剧本"都写好了啊。 再看铂金小弟，更是黑马中的黑马！ 涨到2300美元/盎司就算了，还连涨10个交易日，今年累计涨幅超150%，准备冲击198 ...

来源：新鲜速递 白银价格在2025年12月首次突破60美元/盎司，年内涨幅超110%，创历史新高，其暴涨是工业需求爆 发、库存挤兑危机与金融政策转向三重因素共振的结果。 一、核心驱动因素 降息预期强化金融属性 市场普遍预期美联储将在12月降息25个基点（概率达87.4%），低利率环境降低持有白银的机会成本， 推动资金涌入贵金属避险。同时，美元走弱与中东冲突、美债风险等避险情绪升温，白银作为"廉价黄 金替代品"吸引散户及机构投资。 工业需求爆发式增长 光伏领域：2025年全球光伏装机量超655GW，单GW耗银8-10吨，光伏用银占全球白银总需求的55%， 较2022年翻倍。 新能源汽车与AI：电动车单车用银量达25-50克（燃油车的7倍），AI服务器芯片封装耗银量比传统设备 高30%。 供需缺口扩大：全球白银连续5年短缺，2025年缺口达2700吨。矿产银因主产国（墨西哥、秘鲁）罢工 减产，再生银增速仅1.2%，加剧供应紧张。 库存挤兑与资本博弈 金银比修复与政策催化 此前金银比一度突破100:1（历史均值约60:1），当前降至70:1仍存45%修复空间，补涨需求强烈。此 外，美国将白银列为"关键矿产"，贸易商 ...

Core Viewpoint - Silver has once again become a market focus, with significant price increases driven by multiple factors including macroeconomic shifts, industrial demand, supply shortages, capital inflows, and value reassessment [1][4]. Group 1: Price Performance - As of December 12, COMEX silver is priced at $64.25 [2]. - Year-to-date, both London spot silver and COMEX silver futures have seen price increases exceeding 110% [3]. Group 2: Key Drivers - **Monetary Policy**: The Federal Reserve's interest rate cuts have weakened the dollar and reduced holding costs, directly igniting precious metal pricing [5]. - **Industrial Demand**: Silver consumption in photovoltaic applications accounts for 55%, while demand from AI servers has increased by 30%, and electric vehicles are consuming several times more silver [6]. - **Supply-Demand Gap**: Global exchange inventories are at a ten-year low, sufficient for only 1.2 months of consumption, leading to heightened demand for silver [7]. - **Capital Inflows**: ETFs have increased their holdings by 500 tons over six months, with silver's market capitalization being only one-tenth that of gold, resulting in amplified volatility due to short covering [8]. - **Value Reassessment**: The gold price has reached new highs, the gold-silver ratio is returning to normal, and demand from Indian festivals is quickly realizing the potential for price increases [9]. Group 3: Market Analysis - The interplay of monetary easing, industrial revolution, mine production cuts, ETF-driven supply constraints, and emotional responses to the gold-silver ratio has led to a doubling of silver prices this year [9].

智通财经APP获悉，由于交易员押注美联储将进一步放宽货币政策且供应持续紧张，现货白银在周二突破60美元/盎司这一重要关口后于周三延续涨 势，再度刷新纪录高位。截至发稿，现货白银涨逾1%，报61.30美元/盎司。 多重因素推动白银强势上涨 白银价格今年迄今已上涨逾一倍。作为对比，尽管黄金今年也上涨了60%并突破4200美元大关，但在涨幅力度上仍逊色于白银。这导致金银比价降 至70倍以下，为2021年7月以来首次。 在白银今年上涨逾一倍的同时，也有一些人担忧，白银在如此大幅的上涨之后将走向令人失望的结局。这些看跌情绪基于历史经验，毕竟在1980年 和2011年两度创下纪录高位后，白银曾随后迅速暴跌。 资深策略师Mike McGlone上周表示，白银今年价格翻倍的惊人涨势"有些令人不安"。他指出，鉴于白银的高波动性，其价格可能飙升至每盎司75美 元，也可能回落至每盎司40美元。他指出，白银历来容易出现极端涨势——当前价格已比其五年平均水平高出83%——而从历史来看，这种涨势往 往结局不佳。他警告称，白银年市场波动率约为30%，这意味着明年价格若出现一个标准差的波动，就可能推动白银涨至每盎司75美元的高位，或 跌至每 ...

周二美盘交易时段， 随着交易员在美联储利率决议前夕保持乐观情绪，贵金属集体走高，而受到供应紧缺推动的白银则飙升至史无前例的 每盎司60美元。 截至发稿，纽约期银及现货白银日内涨幅均超4%，分别至61美元/盎司及60美元/盎司上方，今年迄今，银价已经上涨了近110%。 现货黄金上涨0.6%，至每盎司4215美元；美国2月交割的黄金期货上涨0.6%，至4244.80美元。 其他贵金属方面，现货钯金日内涨幅扩大至2.00%，现报1502.12美元/盎司；现货铂金上涨3%，至每盎司1692.10美元。 近几个月来，投资者对贵金属的需求大幅上升，部分原因是西方主要经济体债务水平攀升及货币贬值风险上升。 白银通常与黄金同向波动，但由于其市场规模更小，对美元的变化更为敏感，波动性也更强。白银的价格远低于黄金，吸引了寻求更低成本 避险资产的投资者，同时在工业领域的应用也十分广泛。 下载财联社APP获取更多资讯 RJO Futures高级市场策略师Bob Haberkorn声称："当前金价的上行主要受到白银大幅上涨以及市场对美联储再次降息25个基点的强烈预 期推动。" 稍早美国劳工部发布的JOLTS职位空缺报告显示，10月份职 ...

Group 1: Precious Metals Market - Gold climbed to its highest level in six weeks, with spot prices exceeding $4,240 an ounce as investors increased bets on a US interest-rate cut [2][3] - Silver reached a record near $57.86, now up more than 100% this year, driven by rate-cut expectations, a weaker dollar, and stronger industrial demand [2][3][8] - The anticipation of looser monetary policy and recent soft US economic data have contributed to the rally in precious metals [3] Group 2: Cryptocurrency Market - Bitcoin has dropped over 30% from its October peak of approximately $126,000, currently trading around $86,000, marking the worst late-year performance since the 2022 bear market [4][8] - The wider crypto market has lost about $1 trillion in value over the past six weeks, with Bitcoin accounting for over $400 billion of that decline [5] - US spot Bitcoin ETFs experienced roughly $3.5 billion in net outflows in November, the heaviest monthly withdrawal since approvals early last year, indicating rising macro risks [5][8] Group 3: Market Sentiment and Trends - Analysts highlight stronger industrial demand for silver as a supportive factor, alongside its role as a hedge against declining confidence in paper assets [4] - Despite the challenges in the crypto market, there are signs that ETF outflows may be slowing, with a modest return to net inflows of about $70 million late in November [7]

Core Viewpoint - The recent surge in silver prices, breaking the $52 mark, is attributed to a combination of industrial demand, monetary policy expectations, and geopolitical risks, reflecting a significant shift in market dynamics [1][3]. Group 1: Price Movement - On October 14, 2025, spot silver prices reached a historical high of $52.67 per ounce, marking a 73% increase since the beginning of the year, outpacing gold's 53% rise [1][3]. - The domestic silver price in China surged to 11,934 yuan, an 18% increase since early September [1][3]. Group 2: Market Drivers - The surge in silver prices is driven by three main factors: 1. Industrial demand for silver has significantly increased, with projections indicating that global photovoltaic installations will reach 655 GW by 2025, accounting for 25% of total silver demand [6][7]. 2. Expectations of a Federal Reserve interest rate cut, with a 97% probability of a rate decrease in October, have led to increased investment in silver as lower interest rates reduce holding costs [7][8]. 3. Geopolitical tensions, including the escalation of the Russia-Ukraine conflict and uncertainties in trade policies, have driven investors towards silver as a safe-haven asset [10][11]. Group 3: Future Outlook - Market opinions on silver's future price trajectory are divided: - Optimistic forecasts, such as from Bank of America, suggest prices could reach $65 by 2026 due to ongoing supply-demand imbalances and increasing photovoltaic demand [13]. - Cautious perspectives, like those from HSBC, predict price fluctuations between $45 and $53, citing potential corrections if inflation rebounds and interest rate cuts do not materialize [14][15]. - The long-term outlook remains positive as long as the Federal Reserve maintains a dovish stance and photovoltaic demand continues to rise, while short-term strategies should focus on waiting for price corrections below $50 before entering the market [15].