<p>虽然黄金市场往往主导贵金属的讨论，但目前银市正吸引着投资者的注意。在十月初，银价达到了历史高点，攀升至每盎司 50 美元，打破了 2011 年 4 月创下的前纪录。当时，市场的热情集中在美联储及其日益上升的鸽派货币政策预期上。</p>
<p>在某种程度上，乐观的叙述中带有一丝愤世嫉俗。从机制上讲，降息意味着借贷成本降低，这将有效减少美元的购买力。在其他条件相同的情况下，这应该会提高银的价值，因为银是一种具有双重性质的贵金属。尽管大多数银的生产用于工业用途，但作为一种硬通货，银本身具有内在价值。</p>
<p>另一个需要考虑的因素是降息的潜在动机，这通常反映了宏观不确定性。单独来看，经济崩溃对任何资产类别都不是积极的结果。然而，更平常的担忧可以帮助像银这样的资产，因为贵金属在历史上一直充当避风港。</p>
<p>不过，必须指出的是，没有哪个行业能够免受偶尔的估值冲击。由于 对人工智能泡沫的担忧加剧，随之而来的风险规避环境——在十月末到十一月末之间引发了波动——对黄金和白银都施加了压力。</p>
<p>有趣的是，尽管黄金已经回升至之前的高点，银价却飙升至前所未有的水平。今天，银价交易在 65 美元以上，这意味着一盎司银的价值现在超过了一桶油。这是 45 年来首次出现这种情况。</p>
<p>基于银市场的供给侧动态，牛市仍然对强劲表现充满信心。特别是，矿业生产在很大程度上未能显著加速，这主要是由于在上一次商品低迷后多年缺乏投资。此外，新项目面临较长的前期时间、监管障碍和上升的资本成本，限制了矿业行业对更高价格的快速反应能力。</p>
<p>因此，市场越来越依赖于地面库存——这一动态已被证明难以维持。随着银在电子产品、太阳能基础设施和下一代技术中扮演着越来越不可或缺的角色，未来几年供给侧的情况可能会变得更加严峻。</p>
<p><strong>Sprott ETF：</strong> 尽管许多投资者逐渐认识到银的机会，但对于新手来说，这可能是一个不透明且难以导航的领域。这时，金融服务提供商和商品专家 <strong>Sprott Inc.</strong> (NYSE: SII) 便进入视野，为资源市场提供目标明确且高效的投资机会。</p>
<p>Sprott 最近推出的一个产品是 <strong>Sprott 银矿和实物银 ETF</strong> (NASDAQ: SLVR)。根据其 招募说明书，SLVR 是唯一专注于银矿和实物银的交易所交易基金。该基金旨在追踪纳斯达克 Sprott 银矿指数的总回报表现，扣除费用和开支。</p>
<p>为了实现这一目标，SLVR 将至少 80% 的资产分配给指数成分，包括银生产商、开发商、勘探者和实物银持有。该结构旨在提供跨越银价值链的多元化投资，而不仅仅依赖现货价格。</p>
<p>值得一提的是，银矿股票通常表现出比基础金属更大的波动性。运营风险、成本压力和司法管辖因素都可能独立于银价影响矿工的表现。然而，跨多家公司广泛投资可能有助于减轻一些特有风险，同时在条件有利时保持上涨参与。</p>
<p><strong>SLVR ETF：</strong> SLVR ETF 于今年一月公开亮相，表现出色，涨幅达到 148%。</p>
<ul>
<li>正如人们所预期的，价格走势稳固地高于 50 日和 200 日移动平均线，以及 20 日指数移动平均线。</li>
<li>最近的表现相当爆炸性，SLVR 在过去一个月上涨了 25%。不过，公平地说，过去五个交易日大约损失了 9%。</li>
<li>第四季度的交易量明显增加，这似乎为当前创纪录的反弹提供了一些支持。</li>
</ul>
<p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/19123717/image-377.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/19123717/image-377.png"/></p>
<p><em>图片来源于</em> Shutterstock</p>
<p><em>此帖子包含赞助内容。此内容仅供信息参考，并不构成投资建议。</em></p>

<p>银价已达到每盎司 65 美元的历史高点，超越了黄金在投资者中的关注度。Sprott 银矿和实物银 ETF（SLVR）提供了对银矿和实物银的定向投资，自 1 月上市以来上涨了 148%。尽管近期波动性加大，该 ETF 仍然表现出色，受益于银的工业需求和供应限制</p>

<p>While the gold market tends to dominate the precious metals discourse, it's silver that is currently consuming investors' attention at this hour. In early October, silver reached a historical threshold, climbing to $50 per ounce and smashing the previous record set in April 2011. At the time, enthusiasm centered on the Federal Reserve and rising wagers of a dovish monetary policy.</p>
<div class="lb-trans"><p>虽然黄金市场往往主导贵金属的讨论，但目前银市正吸引着投资者的注意。在十月初，银价达到了历史高点，攀升至每盎司 50 美元，打破了 2011 年 4 月创下的前纪录。当时，市场的热情集中在美联储及其日益上升的鸽派货币政策预期上。</p>
</div><p>In some ways, the upside narrative featured a touch of cynicism. Mechanically, an interest rate cut implies a lower cost of borrowing, which would effectively reduce the purchasing power of the dollar. All other things being equal, that should raise the value of silver as it's a precious metal with a dualistic nature. Although most of the silver produced is used for industrial purposes, the commodity commands intrinsic value as a form of hard money.</p>
<div class="lb-trans"><p>在某种程度上，乐观的叙述中带有一丝愤世嫉俗。从机制上讲，降息意味着借贷成本降低，这将有效减少美元的购买力。在其他条件相同的情况下，这应该会提高银的价值，因为银是一种具有双重性质的贵金属。尽管大多数银的生产用于工业用途，但作为一种硬通货，银本身具有内在价值。</p>
</div><p>Another factor to consider is the underlying motivation for rate cuts, which usually speak to macro uncertainty. By itself, outright economic collapse is not a positive outcome for any asset class. However, more mundane concerns can aid assets like silver, where precious metals have historically acted as safe havens.</p>
<div class="lb-trans"><p>另一个需要考虑的因素是降息的潜在动机，这通常反映了宏观不确定性。单独来看，经济崩溃对任何资产类别都不是积极的结果。然而，更平常的担忧可以帮助像银这样的资产，因为贵金属在历史上一直充当避风港。</p>
</div><p>Still, it must be noted that no sector is immune to occasional valuation shocks. Due to rising fears of a bubble brewing in artificial intelligence, the subsequent risk-off environment — which sparked volatility between late October and late November — imposed pressure on both gold and silver.</p>
<div class="lb-trans"><p>不过，必须指出的是，没有哪个行业能够免受偶尔的估值冲击。由于 对人工智能泡沫的担忧加剧，随之而来的风险规避环境——在十月末到十一月末之间引发了波动——对黄金和白银都施加了压力。</p>
</div><p>Interestingly, while gold has marched back to prior highs, silver has stormed to unprecedented levels. Today, silver is trading above $65, which means that an ounce of silver is now worth more than a barrel of oil. That's the first time such a label could be attached to the white metal in 45 years.</p>
<div class="lb-trans"><p>有趣的是，尽管黄金已经回升至之前的高点，银价却飙升至前所未有的水平。今天，银价交易在 65 美元以上，这意味着一盎司银的价值现在超过了一桶油。这是 45 年来首次出现这种情况。</p>
</div><p>Based on supply side dynamics of the silver market, the bulls remain confident of robust performance. In particular, mining production has struggled to meaningfully accelerate, largely due to years of underinvestment following the last commodity downturn. Moreover, new projects face long lead times, regulatory hurdles and rising capital costs, limiting the mining industry's ability to respond quickly to higher prices.</p>
<div class="lb-trans"><p>基于银市场的供给侧动态，牛市仍然对强劲表现充满信心。特别是，矿业生产在很大程度上未能显著加速，这主要是由于在上一次商品低迷后多年缺乏投资。此外，新项目面临较长的前期时间、监管障碍和上升的资本成本，限制了矿业行业对更高价格的快速反应能力。</p>
</div><p>As such, the market has increasingly relied on above-ground inventories — a dynamic that has proven difficult to sustain. With silver playing an increasingly indispensable role in electronics, solar energy infrastructure and next-generation technologies, the supply side situation may become even more challenging in the years ahead.</p>
<div class="lb-trans"><p>因此，市场越来越依赖于地面库存——这一动态已被证明难以维持。随着银在电子产品、太阳能基础设施和下一代技术中扮演着越来越不可或缺的角色，未来几年供给侧的情况可能会变得更加严峻。</p>
</div><p><strong>The Sprott ETF:</strong> Although many investors are steadily recognizing the opportunity in silver, it can be an opaque and difficult sector to navigate for newcomers. That's where financial services provider and commodities expert <strong>Sprott Inc.</strong> (NYSE: SII) comes into view, delivering target and efficient exposure to the resource markets.</p>
<div class="lb-trans"><p><strong>Sprott ETF：</strong> 尽管许多投资者逐渐认识到银的机会，但对于新手来说，这可能是一个不透明且难以导航的领域。这时，金融服务提供商和商品专家 <strong>Sprott Inc.</strong> (NYSE: SII) 便进入视野，为资源市场提供目标明确且高效的投资机会。</p>
</div><p>One of Sprott's more recent launches is the <strong>Sprott Silver Miners &amp; Physical Silver ETF</strong> (NASDAQ: SLVR). According to its prospectus, SLVR is the only exchange-traded fund designed to focus exclusively on silver miners alongside physical silver. The fund seeks to track the total return performance of the Nasdaq Sprott Silver Miners Index, before fees and expenses.</p>
<div class="lb-trans"><p>Sprott 最近推出的一个产品是 <strong>Sprott 银矿和实物银 ETF</strong> (NASDAQ: SLVR)。根据其 招募说明书，SLVR 是唯一专注于银矿和实物银的交易所交易基金。该基金旨在追踪纳斯达克 Sprott 银矿指数的总回报表现，扣除费用和开支。</p>
</div><p>To achieve this objective, SLVR allocates at least 80% of its assets to index constituents, which include silver producers, developers, explorers and physical silver holdings. This structure is intended to provide diversified exposure across the silver value chain rather than relying solely on spot prices.</p>
<div class="lb-trans"><p>为了实现这一目标，SLVR 将至少 80% 的资产分配给指数成分，包括银生产商、开发商、勘探者和实物银持有。该结构旨在提供跨越银价值链的多元化投资，而不仅仅依赖现货价格。</p>
</div><p>It's worth mentioning that silver mining equities often exhibit greater volatility than the underlying metal. Operational risks, cost pressures and jurisdictional factors can all influence miner performance independently of silver prices. However, broad exposure across multiple companies may help mitigate some of those idiosyncratic risks while preserving upside participation when conditions are favorable.</p>
<div class="lb-trans"><p>值得一提的是，银矿股票通常表现出比基础金属更大的波动性。运营风险、成本压力和司法管辖因素都可能独立于银价影响矿工的表现。然而，跨多家公司广泛投资可能有助于减轻一些特有风险，同时在条件有利时保持上涨参与。</p>
</div><p><strong>The SLVR ETF:</strong> Making its public debut in January of this year, the SLVR ETF has been a top performer, gaining 148%.</p>
<div class="lb-trans"><p><strong>SLVR ETF：</strong> SLVR ETF 于今年一月公开亮相，表现出色，涨幅达到 148%。</p>
</div><ul>
<li>As one might expect, the price action stands firmly above the 50- and 200-day moving averages, along with the 20-day exponential moving average.</li>
<li>Recent performance has been quite explosive, with SLVR gaining 25% in the trailing month. To be fair, though, the trailing five sessions has incurred a roughly 9% loss.</li>
<li>Volume levels have noticeably become elevated in the fourth quarter, which would appear to add some support for the current record-breaking rally.</li>
</ul>
<div class="lb-trans"><ul>
<li>正如人们所预期的，价格走势稳固地高于 50 日和 200 日移动平均线，以及 20 日指数移动平均线。</li>
<li>最近的表现相当爆炸性，SLVR 在过去一个月上涨了 25%。不过，公平地说，过去五个交易日大约损失了 9%。</li>
<li>第四季度的交易量明显增加，这似乎为当前创纪录的反弹提供了一些支持。</li>
</ul>
</div><p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/19123717/image-377.png" alt="" original-src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/19123717/image-377.png"/></p>
<p><em>Featured image from</em> Shutterstock</p>
<div class="lb-trans"><p><em>图片来源于</em> Shutterstock</p>
</div><p><em>This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.</em></p>
<div class="lb-trans"><p><em>此帖子包含赞助内容。此内容仅供信息参考，并不构成投资建议。</em></p>
</div>

白银的结构性动态使 Sprott 的银矿 SLVR ETF 成为关注的焦点