It is a strange time in the world of precious metals. While gold (GLD) is on the move higher again after digesting its massive 2025 gains via a modest pullback, silver (SLV) has entered the conversation after tripling in value over the last year. The daily chart of GLD looks very strong. I’m not usually investing in something that moves like this, at least not in large quantities. However, that PPO indicator is encouraging — high, but likely not yet done doing its business. That hints at this being a flow ...

Wmax对全球白银实物枢纽库存保持高频监测，其中中国市场库存变化堪称核心风向标。2025年中国白银出口创历史纪录后，上海黄金交易所与上海期货交 易所可追踪库存已跌至十年低位。作为全球白银核心流转枢纽，中国库存的大幅下滑迅速传导至全球市场——而这一变化，恰好发生在白银市场连续第五年 结构性短缺的关键阶段。当前地上白银库存持续消耗，COMEX白银库存同步降至多年低位，且Wmax通过全球主要银矿产能摸排确认，多数新产能释放窗 口需推迟至2027-2028年之后。据此Wmax判断，白银供应紧张并非短期脉冲，而是未来数年的常态基线。 Wmax通过对高景气产业用银场景的实地调研与数据核验，测算得出2025年光伏行业白银消耗量达1.957亿盎司，刷新历史峰值；叠加电动汽车、高效半导 体、5G基站及人工智能数据中心的庞大电力配套需求，白银已成为少数需求曲线逐年陡峭化的工业金属。更关键的是，Wmax产业端验证确认，白银在上述 高附加值领域暂无有效替代品——任何替代尝试要么以失败告终，要么导致终端产品性能显著折损。在Wmax供需平衡模型中，"需求持续攀升+供应物理性 瓶颈"的格局，正是资产价格获得长期结构性支撑的核心逻辑。 作为 ...

Silver’s spectacular rally has intensified, with prices nudging above US$58 an ounce to set a new all-time high and outpace gold’s recent performance. The move has sharpened attention on the gold–silver ratio and revived debate about whether this is simply a cyclical spike — or the continuation of a longer structural shift in the market. Speaking to Proactive Investors, international financial analyst Tariq Al-Rifai said the rally hasn’t come out of nowhere. “As a matter of fact, the price of silver has bee ...