在AUS GLOBAL澳洲环球看来，印度对白银需求的结构性转变，不仅重新塑造其国内家庭资产管理模 式，也可能对全球白银市场的供需平衡、价格周期与投资逻辑带来长期影响。随着新规落实，白银的金 融属性和流动性料将进一步强化，成为未来全球贵金属市场中不可忽视的变量。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈平 12月5日，今年以来，AUS GLOBAL澳洲环球表示，白银市场的显著涨势背后，印度的投资需求已经成 为关键推力，将价格推升至每盎司59美元的历史高位。虽然该国长期是白银的重要参与者，但此次需求 爆发的规模与节奏，已明显改变全球供需格局。 12月5日，今年以来，AUS GLOBAL澳洲环球表示，白银市场的显著涨势背后，印度的投资需求已经成 为关键推力，将价格推升至每盎司59美元的历史高位。虽然该国长期是白银的重要参与者，但此次需求 爆发的规模与节奏，已明显改变全球供需格局。 根据Metals Focus的研究，印度目前占据全球近八成的银条与银币需求，同时在银饰与银器消费上多年 稳居全球首位。AUS GLOBAL澳洲环球认为，这种强劲的实体需求不仅具有文化传统基础，更受到近 年城乡消费结构升级的推动 ...

印度一直是白银市场的主要参与者，但今年它成为了该市场创纪录投资需求背后的关键因素——正是这 一需求推动银价创下逼近每盎司59美元的历史高位。 专注于贵金属市场的研究机构Metals Focus在今年夏季发布的一份报告中指出，印度是全球第二大实物 白银投资市场，占据全球银条和银币需求的近80%。这家研究机构还提到，长期以来，印度按销量计算 一直是全球最大的白银首饰和银器消费国。 在更新后的报告中，分析师表示，过去五年间，印度民众——尤其是农村地区的低收入消费者——估计 购买了2.9万吨白银首饰和4000吨银币。 Metals Focus补充称，印度央行的一项新规则将允许消费者将其持有的实物白银货币化，这可能会给白 银市场带来颠覆性的变革。 "在印度，黄金传统上一直是最后的抵押品，在紧急情况下为家庭提供便捷的融资渠道，尤其是对那些 银行服务可及性有限的群体而言，"分析师在报告中表示，"白银长期以来也是农村财富的重要组成部 分，特别是在中低收入家庭中。其较低的价格门槛使其能够以首饰和器皿的形式广泛积累，包括脚镯、 脚趾环和儿童饰品。" 上月，印度央行宣布了一项新规则，自2026年4月1日起，将允许民众根据统一贷款框 ...

白银价格屡创新高，其背后的动力已不再来自对冲基金，而是来自全球范围内持续增强的实物购买力。 业内多位资深人士在近期的行业会议中强调，当前的银市走势更像是由"货源紧张"而非"金融炒作"驱 动。Mhmarkets迈汇表示，这种由实体需求主导价格的结构性变化，正在重塑全球银市格局，并让市场 参与者以全新的方式思考库存风险与供需平衡。 长期以来，西方投资者以银条和银币形式积累了大量白银，其中相当部分被放置在托管账户与长期储蓄 计划中，并呈现"代际延续"现象——继承人不出售，而是继续持有。这意味着，大量早期被买入的白银 不再回流市场，从而进一步收紧可交易供应。Mhmarkets迈汇表示，这种"代际持有"特征，正在让白银 逐渐具备长期储备型资产的属性，进一步提高了市场的紧平衡程度。 白银追赶黄金：宏观因素一致，涨势同步 推动黄金创新高的多重宏观不确定性也同样影响白银，而白银在价格结构上常具有"追赶"特性。随着投 资与工业需求双重驱动，白银正逐步缩小与黄金的价格比值。Mhmarkets迈汇认为，金银比进一步收敛 是大概率事件，市场力量正在把白银重新推回"价值被低估的位置"。 工业端开始补库：从"够用即可"到"必须拥有" 不 ...

Group 1 - Silver's growth rate has surpassed gold this year, reaching 71% compared to gold's 54% [1][3] - In mid-October, silver prices hit a historical peak of $54.47 per ounce, with a year-on-year increase of 71%, followed by a brief decline before resuming an upward trend [1][3] - On November 28, the spot silver market saw significant gains, with prices rising over 6% to exceed $56 per ounce, marking a new historical high [3] Group 2 - UBS believes that silver will continue to benefit from industrial demand, and its price remains relatively low compared to gold [3] - Silver ETF holdings are expected to rebound to a previous high of 1.021 billion ounces, with a more positive macro outlook for 2026 [3] - Analysts indicate that silver has entered an accelerated upward phase, with the current price movements aligning with historical patterns of price surges [4]

Core Viewpoint - The price of silver has reached a historic high, driven by increased demand for safe-haven assets and tightening supply in the London spot market [1][3]. Group 1: Price Movement - On October 9, the spot silver price surged to over $50 per ounce, marking the highest level since the "Hunt Brothers squeeze" in the 1980s [1]. - The price continued to rise, reaching $51.06 per ounce, with a daily increase of 4.5% [1]. - Year-to-date, silver has appreciated over 70%, outperforming gold, which has also reached historical highs [3]. Group 2: Market Dynamics - Concerns regarding U.S. fiscal risks, an overheated stock market, and threats to the independence of the Federal Reserve have led investors to seek safe-haven assets [3]. - A shortage of freely available silver in the London market has supported prices and significantly increased the cost of borrowing silver [3][6]. - The current silver futures price on the New York Mercantile Exchange (Comex) remains below the historical record of $50.35 per ounce set in January 1980 [4]. Group 3: Industrial Demand and Supply Outlook - Silver is widely used in industrial applications, including solar panels and wind turbines, which together account for over half of silver consumption [6]. - The silver market is expected to experience a supply deficit for the fifth consecutive year by 2025 [6]. - The tightness in the London silver market is nearing unprecedented levels, with high borrowing costs for the metal [6]. Group 4: Historical Context and Speculation - The recent surge in silver prices has parallels to past spikes in 2011 and 2020, with the latter seeing a 140% increase in less than five months [7]. - Historical speculation by the Hunt Brothers in 1980 led to a significant price increase, which subsequently collapsed, illustrating the volatility of the silver market [7].

Group 1 - The international silver market is currently experiencing a phase of volatility, with prices reported at $36.75 per ounce, reflecting a decline of 0.45% [1] - The opening price for silver today was $36.88 per ounce, with a peak of $37.21 and a low of $36.64 [1] Group 2 - A recent report from Japan's labor organization indicated that the average salary for union workers has seen its largest increase in 34 years, yet this has not significantly improved the overall wage situation [2] - The disparity in wage growth between large corporations and small to medium enterprises (SMEs) is widening, with larger firms benefiting from stronger union representation and resources [2] - Many SMEs, which often lack unions, are struggling to keep up with wage increases due to limited profit margins and pressures from inflation [2] Group 3 - The silver market is currently in a consolidation phase, with a support level identified at $35.2; as long as this support holds, the bullish trend remains intact [3] - If the support at $35.2 is breached, it could trigger a more significant price correction [3] - Short-term trading strategies suggest focusing on buying on dips, particularly if prices fall to around $36 or $35.5, while caution is advised against chasing prices higher without a pullback [3] - Resistance is noted at $37.3, and a breakthrough could lead to further upward movement; however, short positions may be considered near $37 with strict risk management [3]