截至10月15日14时，现货白银继续上涨，最高触及52.38美元/盎司。这可是时隔 45 年的历史新高，比 今年年初涨了整整73%。 不过，在这一轮上涨背后，伦敦白银市场正经历一场罕见的流动性危机，引发全球投资者高度关注。国 内投资者也纷纷将目光转向白银实物及白银期货类基金产品，寻求资产配置的替代选择。 中国有色金属工业协会金银分会副秘书长、山东招金金银精炼有限公司副总经理梁永慧分析称，在黄金 价格持续上行的背景下，白银呈现"价值洼地"特征，吸引资金涌入。如印度排灯节期间的实物买盘需 求、国内深圳水贝市场的投资银同比增幅超40%，进一步印证了白银作为避险与投资替代品的市场热 度。一场由库存紧张、租赁利率飙升、政策预期等多重因素交织而成的流动性风暴，正在重塑白银市场 的价格逻辑与投资格局。 二是市场交易成本上升。交易所为缓解交割压力推出的期货转现货机制，因物流延迟和运输成本高企， 增加了市场交仓成本。与此同时，伦敦白银租赁利率飙升至40.3%，空头被迫支付年化40%的成本移 仓，形成"越移仓越短缺"的恶性循环。 三是关键矿产清单影响。美国地质勘探局（USGS）8月提议将白银纳入"关键矿产清单"，并依据《贸易 扩 ...

（文章来源：新华财经） CPM Group的分析师Jeffrey Christian在一份报告中称，从美国关税和移民政策、政府支出和全球不稳定 相关的经济风险来看，黄金和白银的投资需求都将获得支撑。 ...

Group 1 - The core viewpoint of the articles indicates that silver prices are expected to rise significantly, potentially surpassing gold by 2025 due to geopolitical risks, inflation concerns, and positive price expectations [1][2] - The gold-silver ratio has shown a significant decline from the recent peak of over 100, currently returning to 90, with optimistic projections suggesting it could stabilize at 50, leading to silver prices reaching $70 per ounce [1][2] - Historical data shows that during periods of stagflation, silver has outperformed gold, with notable price increases in previous stagflation periods, indicating that silver may continue to be a strong investment alternative [2][3] Group 2 - The market has a significant misunderstanding regarding silver pricing, particularly in the context of stagflation, where silver's investment demand has historically driven price increases despite industrial demand fluctuations [2][3] - The industrial demand for silver, particularly from the photovoltaic sector, is not expected to negatively impact the supply-demand balance, as historical trends show that declines in certain industrial uses have not hindered silver's bull markets [2][3] - Investment demand has been the dominant factor influencing silver's price fluctuations since 2005, overshadowing the impact of industrial and jewelry demand [3] Group 3 - Related Hong Kong stocks in the silver industry include China Silver Group (00815), which may benefit from the anticipated rise in silver prices [4]