在白银价格不断刷新纪录之际，有部分投资者选择卖出变现。 1月29日下午，在杭州一家珠宝店，一位 客户卖出2块15千克白银板料，当场变现93万元。 闲谈中，记者获知这位老板从事餐饮生意，1月初， 他在朋友的建议下买入白银板料，"我先买了一块，记得当时是18元一克，过了几天又买了一块。"这位 老板说，这两天听朋友说白银回收价格冲上30元了，就打算卖出。"大哥厉害，一个月不到就赚了36万 元。"珠宝店的老板说。 杭州萧山区90后周女士自称投资小白，从来没有买过投资银条，她在1月份以 20.8元/克的价格买入20千克白银，日前她以29.2元/克的价格全部卖出。"赚了将近17万，今年可以过个 肥年了，热带海岛游行程已经规划中了。"周女士说。 杭州拱墅区、萧山区等地几家珠宝公司的工作人 员还透露，1月份有一部分投资者快进快出投资白银，在白银价格快速上涨的背景下，这样的操作也赚 了收益。（潮新闻） 来源：新闻晨报 ...

编者按：延续2025年的上涨行情，进入2026年，金属价格继续走高。高企的价格，深刻影响着产业、消 费乃至经济。今日本版不谈宏观、不谈经济，而是聚焦在火爆行情下，读者看得见、摸得着的微观事 物，比如"投资金条""投资铜条"。期望以微观视角，为读者梳理金属市场脉络，让读者看清市场本质并 有所启发，助力读者在消费、投资时资产安全有收益。 金店利润大减、加工企业订单减少 "原料价格翻了好多倍，我们的订单量减少了大约40%。" "别看都是排队买黄金的，我们金店的利润却越来越少。" "现在全部都是买金条、银条，为了今天买明天赚，都是为了炒。" "小程序充值买黄金，我完全没意识到这是个私盘。" "现在黄金回收很火爆，很多没有资质的都在偷偷做。也有不少是因为黄金回收才了解到'杰我睿'，然 后才掉坑里的。" 开年以来，金银价格一路暴涨，贵金属市场看似一片火热，实则暗流涌动。期货日报记者走访市场发 现，从下游金店、中游加工企业到上游贸易商，火热的投资需求背后，有非法私盘伺机作乱，贵金属消 费与投资市场急需警惕风险。 "别看外面总有人排队买黄金，生意可比金价三四百一克的时候差太多了。"一位加盟金店的李女士直 言，当下消费者的购买 ...

Core Viewpoint - The article discusses a significant incident involving a silver dealer in Shenzhen, where the dealer failed to fulfill orders for silver bullion, leading to financial losses for multiple clients and police intervention [2][10]. Group 1: Incident Overview - A silver shop named "Hechengxing" in Shenzhen has reportedly closed down, leaving many customers unable to redeem their purchased silver bullion [7]. - The shop's owner is alleged to owe over 27,000 yuan to a supplier, with total outstanding payments estimated to be around 200 million yuan [4][10]. - Many affected merchants have reported losses ranging from tens of thousands to millions of yuan, with a conservative estimate of the total case value exceeding ten million yuan [8][10]. Group 2: Market Context - The silver market has seen a dramatic price increase, with silver prices rising over 147% in the past 25 years, and reaching a historic high of 92.2 USD/ounce on January 14, 2026 [10]. - Following this peak, silver prices experienced a sharp decline, dropping over 7% on January 15, 2026 [10]. - Historical patterns indicate that significant price surges in silver can lead to rapid declines, as seen in 2011 when silver prices fell by 30.39% within four trading days [10][11]. Group 3: Industry Insights - Industry insiders suggest that the recent "blow-up" incidents are not uncommon, often resulting from dealers betting on price declines without adequate risk management strategies [10]. - The volatility in silver prices can create challenges for dealers, particularly when there is a time lag in the supply chain [10].

Core Viewpoint - The silver price has surged, leading to a significant incident in Shenzhen's Shui Bei market where a silver dealer has reportedly failed to fulfill orders, causing financial distress among customers and suppliers [1][9]. Group 1: Incident Details - Multiple customers reported that a silver shop in Shenzhen suddenly closed, leaving many unable to redeem their purchased silver bullion [1]. - A dealer, Mr. Jin, stated that he ordered 5 kilograms of silver but was unable to receive it, with the shop owner owing him over 27,000 yuan [3]. - The shop, named "He Cheng Xing," is said to have liabilities of approximately 200 million yuan in undelivered silver [9]. Group 2: Financial Impact - Many affected merchants have reported losses ranging from tens of thousands to millions of yuan, with a conservative estimate of the total case value exceeding 10 million yuan [9][11]. - Over 350 individuals have joined a rights protection group to seek compensation, indicating widespread impact on the local business community [9]. Group 3: Market Context - The silver market has experienced a significant price increase, with a cumulative rise of over 147% over the past two years, and on January 14, 2026, spot silver prices reached an all-time high of $92.2 per ounce [11]. - Following this surge, silver prices saw a sharp decline of over 7% on January 15, 2026, highlighting the volatility in the market [11]. - Historical patterns indicate that silver has previously experienced sharp declines after significant price increases, suggesting potential risks for investors [13].

Core Viewpoint - The silver price has surged, leading to a significant incident in Shenzhen's Shui Bei market where a silver shop has reportedly failed to fulfill orders, causing financial distress among customers and suppliers [1][3][9]. Group 1: Incident Details - Multiple customers reported that a silver shop in Shenzhen suddenly closed, leaving many unable to redeem their purchased silver bullion [1]. - Affected parties, including a partner who ordered 5 kilograms of silver, claim the shop owes them over 27,000 yuan, with total outstanding liabilities estimated at around 200 million yuan [3]. - The shop, named "He Cheng Xing," has been unable to operate normally, and the owner was reportedly detained by police as many customers gathered to seek resolution [7][9]. Group 2: Financial Impact - Many affected merchants have reported losses ranging from several thousand to tens of thousands of yuan, with a conservative estimate of the total case value exceeding millions [7]. - The incident has led to the formation of a rights protection group with over 350 members, indicating widespread impact among stakeholders [7]. Group 3: Market Context - The silver market has experienced a significant price increase, with a cumulative rise of over 147% over the past two years, and on January 14, 2026, spot silver prices reached an all-time high of $92.2 per ounce [9]. - Following this peak, silver prices saw a sharp decline of over 7% on January 15, 2026, highlighting the volatility in the market [9]. - Historical patterns indicate that silver prices can experience rapid declines following significant increases, as seen in past market behaviors [11].

Core Viewpoint - The article discusses a dispute between a buyer, Liu, and a jewelry store, Da Xin Gold, regarding a canceled order for silver plate material, highlighting issues of deposit agreements and market volatility in precious metals [2][27]. Group 1: Transaction Details - Liu ordered a silver plate worth over 319,000 yuan and paid a deposit of over 180,000 yuan [4][39]. - The weight of the silver plate was 15,758.7 grams [39]. - Liu converted the value of 180 grams of gold he sold to the store into a deposit for the silver order [10][41]. Group 2: Dispute and Cancellation - The store's owner, Hu, insisted on cash payment rather than accepting the deposit as valid [12][41]. - The order was canceled by the store after Hu transferred the deposit amount back to Liu, claiming that the deposit was not valid due to the lack of full payment [14][45]. - Hu stated that the cancellation was due to Liu's previous failure to complete a transaction, which affected their willingness to proceed with the current order [25][52]. Group 3: Market Context - The article mentions that silver prices experienced a significant increase of nearly 180% by the end of 2025, indicating a high volatility in the precious metals market [27][56]. - Analysts have warned of accumulating risks of price corrections in the precious metals sector [27].

Core Insights - Since late November, domestic silver prices have surged significantly, leading to a very tight supply in the Shui Bei market [1] - The increase in silver prices has resulted in a noticeable rise in sales, but there is a scarcity of silver raw materials, making it difficult to procure silver bars for production [1] - Industry insiders indicate that over 90% of the current silver market activity is driven by speculation, with prices nearly doubling within the month [1] Market Conditions - The Shui Bei market is experiencing a "one silver hard to find" situation, with some merchants needing to pay a premium to acquire silver bars for jewelry production [1] - Orders for silver materials are reportedly taking close to a week to fulfill due to heightened demand and supply constraints [1] Price Dynamics - The price of silver has seen a dramatic increase, with reports suggesting it has nearly doubled in the past month [1] - The current market dynamics are heavily influenced by speculative trading, which constitutes a significant portion of market activity [1]

Core Viewpoint - The divergence between international and domestic gold prices continues, with international gold prices experiencing significant volatility while domestic prices remain relatively stable [2][5][9]. Group 1: International Gold Price Trends - On November 18, 2025, the international gold price was $4045.50 per ounce, down $39.30 or 0.96% from the previous trading day, with intraday fluctuations exceeding $100 [2]. - The international gold price has shown high volatility, with a notable drop of 6.3% on October 21, 2025, marking the largest single-day decline since April 2013 [5][7]. - Recent fluctuations in international gold prices are primarily driven by changes in U.S. Federal Reserve monetary policy expectations, with a significant drop in the probability of a rate cut in December [7]. Group 2: Domestic Gold Price Stability - In contrast to international trends, domestic gold prices showed minimal change, with a slight decrease of 0.18 yuan or 0.02% on the same day [2]. - Major retail brands in the domestic market, such as Chow Tai Fook and Luk Fook, maintain stable pricing, with gold jewelry prices significantly higher than the converted international prices by 300-350 yuan per gram [2][4]. - The domestic gold market exhibits a price hierarchy, with brand retail prices at the top, followed by bank investment gold bars, and lower prices for gold recycling [4][5]. Group 3: Market Dynamics and Consumer Behavior - The domestic gold market is supported by strong physical demand, with gold bar and coin consumption increasing by 24.55% year-on-year in the first three quarters of 2025, despite a decline in gold jewelry consumption [9][10]. - The shift in consumer behavior towards smaller, higher-value gold products is evident, with products weighing 10 grams or less accounting for 45% of sales in the first half of 2025 [9][12]. - The recent tax policy adjustments affecting gold transactions have also influenced market dynamics, with increased costs for non-investment gold purchases [10].

Group 1 - Recent surge in ordinary investors entering the silver market has led to shortages of silver bars and plates, with some waiting up to two weeks for delivery [1][2] - On October 21, London silver prices experienced a significant drop of over 8%, marking the largest single-day decline since 2021, while still showing a year-to-date increase of nearly 70% [1][8] - The shortage of silver is attributed to a combination of limited supply and increased demand from retail investors and industrial sectors, particularly in photovoltaic and electronic industries [6][7][8] Group 2 - The current market dynamics show that silver bars and plates are in high demand, with some retailers reporting a complete halt in new inventory due to overwhelming orders [5][6] - The processing capacity of domestic silver manufacturers is constrained, leading to tight supply in the market, exacerbated by rising industrial demand [7][8] - The price of silver has attracted significant investment interest, with many investors believing in a potential price rebound despite recent declines [4][14] Group 3 - Companies involved in silver trading are experiencing increased sales, with some reporting daily profits exceeding 10,000 yuan from silver plate sales [9][11] - The market for silver has seen a shift, with ordinary investors becoming more active participants, a trend not observed in the past 15 years [11][12] - The logistics for silver delivery are generally efficient, with typical shipping times ranging from three to seven days, indicating a well-established supply chain despite current shortages [12]