白银近期走势表现出明显的加速特征，11月份白银期货的价格涨幅高达18.6%，而且主要集中在11月的 最后一周，期间价格飙升14.5%，赤裸裸的逼空，而且逼空行为延续到了12月。白银比黄金更具弹性， 涨幅也更为凶猛。 金/银已经下降至72-74区间，市场在对其重新定价。 白银看涨期权的波动率溢价已升至2022年以来最高点。同时，上海白银期货陷入深度"现货升水"结构， 即近期合约价格高于远期合约，这种结构通常出现在供应紧张或库存极低的市场环境中。不止如此， COMEX白银库存从9月底的1.654万吨降至1.42万吨，降幅约16.5%。伦敦等传统库存中心同样面临压 力。 这意味着，短缺不是区域性问题，而是系统性。 此外，白银作为铜、铅、锌等基本金属开采的副产品，其供应与这些金属的生产高度关联。上个月， CSPT要求成员企业将2026年度铜矿开工负荷降低10%以上。按国内铜粗炼产能近1000万吨计算，10% 对应约100万吨精炼铜减量。 市场追捧黄金之余，白银的行情也足以载入史册。 年内涨幅超过100%，创下自1979年以来近半个世纪的最佳年度表现，价格突破58美元关口，刷新历史 记录，交易量暴增。作为"半个黄金+半 ...

Group 1 - The price gap between gold and silver has reached extreme levels, with the gold-to-silver ratio exceeding 100:1, significantly higher than the historical average of 50 to 70 [3] - Historically, during similar situations, silver has often outperformed gold in the following months, particularly during economic crises [3] - Silver's unique dual properties as both a safe-haven asset and an increasingly utilized industrial metal contribute to its market volatility and potential for higher returns during certain economic cycles [3] Group 2 - Global silver demand is projected to exceed supply for the fifth consecutive year by 2025, indicating a structural shortage in the market [4] - Since the beginning of the year, silver prices have increased by over 30%, reaching the highest levels since 2012, although they remain below the historical peak of nearly $50 per ounce in 2011 [5] - Analysts suggest that the current price disparity between gold and silver presents a buying opportunity for silver, which is considered undervalued at this time [7]