开年以来，白银价格最高涨超65%，多国正从政策层面强化其战略资源属性。在金融属性回归与工业需 求扩张的双重驱动下，白银迎来价值重估，后市走势备受关注 文｜《财经》研究员 顾欣宇 编辑 | 张威 2026年开年，贵金属市场便上演了一出跌宕起伏的"过山车"行情。 现货黄金自约4320美元/盎司起，接连突破多个重要关口，一度触及5598美元/盎司的峰值。其累计涨幅 一度达到29%。 现货白银价格自1月初站上80美元/盎司后开启强势上行，在短短一个月内势如破竹，接连突破100美元/ 盎司、110美元/盎司两大关键关口。 1月27日，银价迎来单日冲高，日内上涨14%，一度冲高至117美元/盎司高位，随后快速回落收至103美 元/盎司；此后银价逐步收复回调失地，在1月29日一度突破120美元/盎司。 此后黄金、白银陷入震荡。1月31日凌晨，现货黄金盘中最大跌幅扩至12%，最低下探至4682美元/盎 司，经历了40多年以来最剧烈的单日跌幅。与此同时，现货白银创下历史最大日内跌幅，一度跌超 36%，最低下探至74.28美元/盎司。 截至1月31日17时55分，现货黄金报4883.45美元/盎司，日内跌超9%，现货白银报85. ...

2026 年开年全球金融市场风起云涌，白银价格强势突破每盎司 90 美元关口，一路攀升至 94 美元，创 下历史新高。开年两周涨幅达 31%，迎来 1983 年以来最强劲新年开局。 这场上涨绝非短期资金炒作，而是货币、宏观、工业三重因素共振的结果，标志着白银正式摆脱黄金 "影子"，开启独立估值新时代。央广网报道，美国对欧洲加征关税引发市场担忧，进一步助推金银价格 同步走高。 货币属性重估赋能 美元信用根基受挑战，叠加市场对美联储政策独立性的质疑，白银的天然货币属性被重新定价。作为非 主权资产，白银的抗通胀、保值功能成为资金避险首选，吸引大量长期资本涌入。 国内某贵金属投资机构的数据显示，2026 年第一周，其线下投资银条销量同比增长 200%。北京投资者 王先生从事白银投资多年，他表示此前更关注黄金，今年明显加大白银配置比例。 哈喽，大家好，今天小墨这篇评论，主要来分析白银突破 90 美元的核心动力，展望百元目标的可行 性。 他认为美元长期弱势趋势明确，白银兼具货币与工业属性，升值潜力更突出，已分批购入 10 公斤标准 投资银条。资金的持续流入，为银价筑牢价值底部。 宏观政策转向助力 美国通胀压力缓和，劳动力 ...

Core Viewpoint - The recent surge in silver prices, which has increased by 110% to reach a historical high, has shifted market perception, highlighting silver's industrial demand and its unique advantages over gold [2][4][11]. Group 1: Market Dynamics - Silver has historically been viewed as a "low-cost alternative" to gold, overshadowing its intrinsic industrial value [3][9]. - The recent price increase is attributed to a structural supply-demand imbalance, with global silver markets experiencing a tight balance for years [12][14]. - The industrial demand for silver, particularly in sectors like photovoltaics, semiconductors, and electric vehicles, is rapidly increasing, while supply growth remains slow [14][16]. Group 2: Investment Trends - Institutional investors are increasingly recognizing silver's value, as evidenced by significant net inflows into silver ETFs, marking the highest weekly inflow since July [6][8]. - The market is witnessing a shift in perception, moving away from viewing silver merely as a byproduct of gold to recognizing its standalone value driven by industrial demand [19][25]. - Analysts predict that silver prices could rise to $62 per ounce in the next three months, supported by interest rate cuts and investment demand [22]. Group 3: Long-term Outlook - The ongoing global transition to renewable energy is expected to sustain long-term demand for silver, distinguishing it from other precious metals [23][28]. - The volatility of the silver market is greater than that of gold, which poses risks for short-term investors, but the underlying industrial demand suggests a robust long-term growth potential [26][30]. - Investors are advised to focus on the structural changes in supply and demand rather than short-term price fluctuations to capitalize on silver's long-term value [28][30].