尽管黄金一直也在刷新纪录，但白银今年的表现总体优于黄金。事实上，早在此前数月，白银的年内表 现已经远超黄金。从今年6月初起，白银价格就像坐上了火箭，一路高歌猛进，直接突破每盎司38美 元，创下13年新高。今年7月10日，伦敦银现以28.07%的年内涨幅首次超越伦敦金现26.64%的同期涨 幅，此后差距持续拉大。截至12月10日18时25分，白银价格年内累计涨幅已超111%，大幅跑赢黄金 59.81%的涨幅，成为贵金属市场当之无愧的"涨幅王"。在期货方面，白银期货波动率则明显上升，今年 10月份以来，已多次出现单日涨跌幅超5%的行情走势。 除此之外，作为衡量黄金和白银"身价"相对高低指标的金银比（一盎司黄金与一盎司白银价格之间的比 值），此前最高曾一度飙升至105倍左右，12月12日，现货黄金与现货白银之间的金银比则为65.19，创 下了2016年12月15日以来的新低。数据显示，白银相对黄金更具吸引力。 本周以来，白银价格则处于震荡阶段。 多重因素支撑银价 近期，国际白银市场迎来历史性行情，中银国际相关人士分析，现货价格在年内涨幅已超过100%的基 础上，于12月9日强势突破每盎司60美元整数关口，创下历史新 ...

近日，白银价格持续创下历史新高，成为2025年大宗商品市场耀眼的明星。相关数据显示，上周，伦敦 现货白银突破60美元/盎司关口，12月12日（上周五）最高触及64.658美元/盎司，刷新历史峰值； COMEX白银期货同步冲高，最高触及65.085美元/盎司，随后均出现调整。截至上周五收盘，前述两大 白银核心指标年内累计涨幅均超110%，大大超过市场火爆的黄金价格涨幅。那么，随着"白银热潮"愈 演愈烈，普通投资者能否参与其中？ 银价近期表现抢眼 本周以来，白银价格则处于震荡阶段。 多重因素支撑银价 对于白银的近期走势，多位市场人士认为，美联储降息预期的升温是本轮白银凌厉涨势的核心驱动力。 近期，国际白银市场迎来历史性行情，中银国际相关人士分析，现货价格在年内涨幅已超过100%的基 础上，于12月9日强势突破每盎司60美元整数关口，创下历史新高。上述人士提示，金银比修复正当 时，此轮白银上涨并非单纯的资金驱动，而是多重深刻基本面变化的集中反映，这标志着白银正摆脱其 作为黄金"附属品"的传统角色，其独立的投资逻辑和价值正在被市场重新定价。上述中银国际相关人士 认为，本轮白银表现更强的原因主要有三方面，一是全球能源转 ...

眼瞅着2025年即将结束。 最近，跟朋友吃饭却让我意外地发现，投资理财市场出现了两个非常奇怪的现象：一个是国内唯一一只白银基金的溢价创了历史新高，另一个是国债收益率 曲线正在变得"陡峭"。 这两个现象背后，都有不少值得咱们普通投资者警惕的风险。 今天，我就用大白话聊聊，帮大家理清理财思路，尽量避开可能遇到的"坑"。 先说白银溢价太高的事。 本质上，它就是投资白银基金的朋友，买贵了。 今年4月，白银价格一路上涨，创出了历史新高。 然而，由于国内能买的白银相关投资品很少——要么是风险很大的白银期货，要么是没什么人交易的白银实物，拿着也不方便。最后，很多人折中，挤进了 白银基金这个赛道。 有意思的是，国内唯一一只纯粹投资白银的基金，这个月竟然罕见地连续发了5次警告，说："投资者如果盲目买入高溢价的基金份额，可能会亏不少钱。" 不得不说，这位基金经理真是个好人。 因为目前这只白银基金的溢价率高达12%。 这是什么意思呢？就是你买基金的价格，比它实际代表的资产价值还高。好比本来值1块钱的东西，你现在得花1.12元才能买到。 这里藏着一个很大的风险！ 现在买入白银基金的人，如果想赚钱，要么白银价格继续涨——至少再涨12% ...

这篇经济评论分析白银暴涨背后的真相：机遇还是陷阱？2025年白银成最大黑马，半年暴涨70%！从工业需求激增到实物抢购引发供应紧张，再到金银比修 复与机构布局，五大核心动力推动银价飙升，但高波动性与工业属性也暗藏风险，投资需谨慎。 很多人晒出持仓截图，去年年底入手的白银基金，现在收益已经翻了近一倍，要知道，今年以来国际银价累计涨幅超90%，把黄金62%的涨幅远远甩在身 后，彻底摘掉了"千年老二"的帽子。 机构们也坐不住了，中银证券连发三份研报看涨白银，瑞银更是给出明确目标：2026年银价要突破60美元/盎司，这波涨势到底是机会还是陷阱？得从根上 捋清楚。 聊白银前，先讲段真真切切的历史，看完你就懂这东西有多不简单，上世纪30年代，美国大萧条正凶，银矿主们天天愁眉苦脸，银价从58美分/盎司跌到20 多美分，矿场倒闭了一批又一批。 白银疯涨刷屏：从"千年老二"到市场新宠 黄金狂飙，白银咆哮，最近的金融圈没人能绕开这俩"明星"，打开交易软件，红彤彤的涨幅刺得人眼睛发花——短短两天，COMEX白银价格一举冲破58美 元/盎司，创下历史新高。 伦敦金银市场协会的数据更惊人，从2021年中到现在，伦敦市场能自由流通的白银库 ...

Core Viewpoint - The global silver market is experiencing a severe crisis, the worst since the Hunt brothers' manipulation in 1980, driven by a perfect storm of factors including retail investor frenzy in India, supply disruptions due to holidays in China, and depleted London gold inventories [2][5]. Group 1: Market Dynamics - Silver prices reached a historical high of $54 per ounce before plummeting by 6.7%, indicating extreme market pressure [2]. - The largest precious metal refinery in India has exhausted its inventory, with its trading head stating that such a chaotic market has not been seen in 27 years [3]. - Major banks like JPMorgan have temporarily halted silver supplies to India, with deliveries not expected until November [4]. Group 2: Retail Investor Behavior - Ahead of the Diwali festival, Indian social media influencer Sarthak Ahuja sparked a retail buying frenzy by claiming silver was undervalued compared to gold, leading to unprecedented demand [7][8]. - The silver premium surged to over $5 per ounce, significantly higher than the usual few cents, as buyers prioritized supply over price in the Mumbai gold market [9]. - Fund companies were forced to suspend new subscriptions for silver funds due to the overwhelming demand [10]. Group 3: Supply Chain Issues - The London market faced a liquidity crisis, with available inventories dropping below 150 million ounces, while daily trading volumes were around 250 million ounces [12]. - The borrowing costs for silver skyrocketed, with annualized overnight borrowing rates reaching 200%, causing banks to withdraw from quoting [12]. - Comex inventories in New York saw a reduction of over 20 million ounces in two weeks, marking the largest decline in 25 years [14]. Group 4: Structural Imbalances - The crisis is attributed to a long-term structural imbalance in the silver market, with demand consistently outpacing supply by 678 million ounces over the past five years, largely driven by the booming photovoltaic industry [18]. - Concerns over potential tariffs from the Trump administration led traders to preemptively move over 200 million ounces of silver into New York warehouses [19]. - Global ETFs absorbed over 100 million ounces of silver in the first nine months of the year, contributing to the depletion of London reserves [20]. Group 5: Analyst Insights - Analysts have warned about the impending liquidity crisis in the London market for over a year, with predictions of a peak in the market pressure [21]. - As silver begins to flow into the market from various sources, further price pressures are anticipated due to complex logistics and potential customs delays [23].

Core Insights - A perfect storm has hit the global silver market, driven by a surge in retail demand in India, supply disruptions due to holidays in China, and depleted London gold inventories, leading to the most severe silver market crisis since the Hunt brothers' manipulation in 1980 [1] - Silver prices reached a historical high of $54 per ounce before plummeting by 6.7%, highlighting extreme market pressures [1] - The crisis is attributed to a long-standing structural imbalance in the silver market, which has now erupted [1] Group 1: Indian Retail Demand - Ahead of the Diwali festival, a prominent Indian social media influencer encouraged buying silver, leading to unprecedented demand [2] - Silver premiums surged to over $5 per ounce, significantly higher than the usual few cents [2] - Major fund companies were forced to suspend new subscriptions for silver funds due to the overwhelming demand [2] Group 2: London Market Liquidity Crisis - The surge in demand from India coincided with supply disruptions from China, causing a liquidity crisis in the London market [3] - London’s freely available inventory dropped to less than 150 million ounces, while daily trading volume was around 250 million ounces [3] - Borrowing rates for silver skyrocketed to an annualized 200%, and major banks withdrew from quoting prices, leading to a widening bid-ask spread [3] Group 3: Long-term Structural Imbalance - The crisis is not a sudden event but a culmination of years of structural imbalance, with demand consistently outpacing supply by 678 million ounces over the past five years [4] - The photovoltaic industry has significantly contributed to this demand, with its growth exceeding 100% during this period [4] - Concerns over potential tariffs under the Trump administration prompted traders to move over 200 million ounces of silver into New York warehouses [4] Group 4: Market Predictions and Reactions - Analysts have warned about the impending liquidity crisis in the London market for over a year, with predictions of a peak in the market [6] - Despite early predictions of a price peak, silver prices continued to rise until a significant drop occurred last Friday [6] - As silver begins to flow back into the market from various sources, further price pressures may emerge due to complex logistics and potential tariff implications [6]

Group 1 - The core viewpoint is that silver prices have surged due to safe-haven demand, reaching a new high since October 2012, with a year-to-date increase of over 20% as of June 5 [1][2] - Analysts believe that the improvement in macroeconomic indicators, such as the rise in China's manufacturing PMI and new orders, will directly boost silver demand as the economy recovers [2][3] - Silver is viewed as a more elastic alternative to gold, especially in the context of easing global trade tensions, making it an attractive investment opportunity [2] Group 2 - Various investment channels for silver are available, including physical silver, silver futures, silver ETFs, and silver mining stocks, allowing investors to choose based on their risk preferences and investment goals [3] - Physical silver, such as bars and coins, is suitable for long-term holding, but investors should be aware of limited repurchase channels and storage costs [3] - Financial derivatives like silver futures offer high leverage and capital efficiency, but they also come with significant risks, while silver ETFs provide convenience and lower fees but may have tracking errors and overall market risks [3]