<p><img src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp?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://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp"/></p>
<p><em>图片来源：Zlaťáky.cz，来自 Unsplash</em></p>
<p>贵金属今天以强劲的姿态结束了这一周，黄金和白银再次上涨。</p>
<p>黄金期货上涨 13 美元，达到 4,377 美元，距离昨天短暂飙升时的 4,409 美元高点不远。</p>
<p><em>(点击图片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! Alrs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcdf0e215-24b9-48e0-9790-6718b84eb075_1460x872.png)</p>
<p>但白银今天的表现更为突出，期货再次上涨超过 2 美元，达到 67.55 美元。</p>
<p><em>(点击图片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! MJK7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabbcc059-b3a7-47e9-842f-bc23154ea878_1822x1092.png)</p>
<p>白银期货今天也创下了 67.67 美元的新历史最高纪录。</p>
<p>![](https://substackcdn.com/image/fetch/$s_! 32i8!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F317cfc1a-f9a6-4b6c-837c-dfc9aabc5551_594x124.png)</p>
<p>然而，或许与这次上涨同样重要的是华尔街对白银的评论。</p>
<p>![](https://substackcdn.com/image/fetch/$s_! Di3x!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36f57430-e3d2-4bcc-b919-297a0d49429f_2362x1528.png)</p>
<p>在黄金和白银的投资者中，人们普遍将这两种金属视为避险资产。然而，在贵金属圈外，这并不总是如此。最明显的例子是中央银行，近年来它们购买黄金的数量创下了纪录，但大多数情况下并没有购买白银。虽然有一些例外（如俄罗斯和沙特阿拉伯），但在贵金属圈外，这两种金属的认知仍然存在差异。</p>
<p>然而，这正是今天看到罗伯特·戈特利布的评论如此引人注目的原因（罗伯特曾是摩根大通的贵金属董事总经理），他提到白银现在作为避险资产进入了人们的视野，因为中央银行继续从美元中进行多元化投资。</p>
<p>![](https://substackcdn.com/image/fetch/$s_! mrML!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3f11468-860a-48cc-b389-6296e7d36dfb_1070x292.png)</p>
<p>对于长期投资黄金和白银的投资者来说，白银作为避险资产的想法并不新鲜。但一个曾在全球最大的华尔街贵金属银行高层的公众人物现在指出这一点，似乎确实具有重要意义。</p>
<p>![](https://substackcdn.com/image/fetch/$s_! Z71p!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F30897fb1-82f5-4526-918f-ad8601a662ef_1064x900.png)</p>
<p>![](https://substackcdn.com/image/fetch/$s_! xPOU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9ff12397-3539-4d4e-b354-c4e5ab53d5c4_1070x350.png)</p>
<p>我仍然认为，政府更可能采取某种措施，将黄金作为货币体系中的抵押品，而不是同时使用黄金和白银。原因之一是，虽然政府可以通过提高黄金的估值来显著减少债务负担，但要将白银的估值提高到足以实现任何债务回收的水平，则需要将白银价格提高到基本上消除任何工业用途的程度。此外，大多数政府和中央银行并不拥有任何白银，因此即使它们重新估值，也无法像黄金那样直接受益。</p>
<p>然而，这并不意味着政府或中央银行不会将白银视为重要资源或良好投资。显然，我们已经看到美国将白银重新分类为战略关键矿物，正如我们能够在伦敦在去年十月遭遇短缺之前很久就强调白银供应问题一样，白银的投资案例并不复杂，以至于成熟的投资者和中央银行无法将其联系起来。</p>
<p>我上周提到，有传言称一位大型投资者正在要求实物交割白银，我的猜测是，无论这个传言是否准确，我们将继续看到类似的事情，特别是在上涨持续的情况下。肯定会有一些没有根据的猜测混杂其中，但我会继续检查和验证我能得到的信息，因为这仍然是白银市场的一个致命弱点。</p>
<p>所以，尽管今年的乐趣无穷，但在未来几个月和几年里，我们仍将有很多事情让我们着迷。但最重要的是，我希望你们享受这一周在贵金属市场的特别时刻，并准备好与家人和所爱的人一起度过一个安全而美好的假期季节。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>印度养老金改革为黄金和白银带来巨大推动</p>
<p>白银再次飙升，现在每盎司超过 64 美元</p>
<p>如果白银突破 60 美元，特朗普的接任者会发生什么？</p>

<p>华尔街越来越认识到白银作为避险资产的重要性，白银期货价格达到 67.67 美元的历史新高。前摩根大通董事罗伯特·戈特利布强调，随着各国央行逐渐减少对美元的依赖，白银的重要性日益增长。尽管各国政府在债务管理中更倾向于黄金，但白银的战略价值也得到了认可，市场上有传言称大型投资者正在寻求实物交割。白银的投资案例依然强劲，受到精明投资者和央行的持续关注</p>

<p><img src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp" alt="" original-src="https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp"/></p>
<div class="lb-trans"><p><img src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp" alt="" original-src="https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp"/></p>
</div><p><em>Photo by Zlaťáky.cz on Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Zlaťáky.cz，来自 Unsplash</em></p>
</div><p>The precious metals finished out the week on a strong note today as both gold and silver have rallied again.</p>
<div class="lb-trans"><p>贵金属今天以强劲的姿态结束了这一周，黄金和白银再次上涨。</p>
</div><p>The gold futures are up $13 to $4,377, not far off from the $4,409 high set during a brief spike yesterday.</p>
<div class="lb-trans"><p>黄金期货上涨 13 美元，达到 4,377 美元，距离昨天短暂飙升时的 4,409 美元高点不远。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!Alrs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcdf0e215-24b9-48e0-9790-6718b84eb075_1460x872.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!Alrs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcdf0e215-24b9-48e0-9790-6718b84eb075_1460x872.png"/></p>
<p>But silver is having the really big day, with the futures once again up more than $2 to $67.55.</p>
<div class="lb-trans"><p>但白银今天的表现更为突出，期货再次上涨超过 2 美元，达到 67.55 美元。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!MJK7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabbcc059-b3a7-47e9-842f-bc23154ea878_1822x1092.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!MJK7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabbcc059-b3a7-47e9-842f-bc23154ea878_1822x1092.png"/></p>
<p>The silver futures also set another new all-time record high today at $67.67.</p>
<div class="lb-trans"><p>白银期货今天也创下了 67.67 美元的新历史最高纪录。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!32i8!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F317cfc1a-f9a6-4b6c-837c-dfc9aabc5551_594x124.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!32i8!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F317cfc1a-f9a6-4b6c-837c-dfc9aabc5551_594x124.png"/></p>
<p>Yet perhaps just as significant as the latest leg of this rally is some of the commentary that’s coming out of Wall Street about silver.</p>
<div class="lb-trans"><p>然而，或许与这次上涨同样重要的是华尔街对白银的评论。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!Di3x!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36f57430-e3d2-4bcc-b919-297a0d49429f_2362x1528.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!Di3x!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36f57430-e3d2-4bcc-b919-297a0d49429f_2362x1528.png"/></p>
<p>Within the gold and silver community, I think it’s somewhat common for people to look at both metals as safe-haven assets. Although outside of the precious metals community, that’s not necessarily always the case. Perhaps the most poignant example being the central banks, where they’ve set records for the amount of gold they’ve purchased over the last few years, but for the most part have not been buying silver. There have been some deviations to that (with Russia and Saudi Arabia coming to mind), yet outside of precious metals circles, there’s still a difference in perception among the two metals.</p>
<div class="lb-trans"><p>在黄金和白银的投资者中，人们普遍将这两种金属视为避险资产。然而，在贵金属圈外，这并不总是如此。最明显的例子是中央银行，近年来它们购买黄金的数量创下了纪录，但大多数情况下并没有购买白银。虽然有一些例外（如俄罗斯和沙特阿拉伯），但在贵金属圈外，这两种金属的认知仍然存在差异。</p>
</div><p>However, that’s what made it so fascinating to see Robert Gottlieb’s commentary today (Robert was a former precious metals managing director at JP Morgan), where he mentions that silver is now on the radar as a safe-haven asset as Central Banks continue to diversify out of U.S. dollars.</p>
<div class="lb-trans"><p>然而，这正是今天看到罗伯特·戈特利布的评论如此引人注目的原因（罗伯特曾是摩根大通的贵金属董事总经理），他提到白银现在作为避险资产进入了人们的视野，因为中央银行继续从美元中进行多元化投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!mrML!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3f11468-860a-48cc-b389-6296e7d36dfb_1070x292.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!mrML!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3f11468-860a-48cc-b389-6296e7d36dfb_1070x292.png"/></p>
<p>Again, for long-time gold and silver investors, the idea of silver as a safe-haven doesn’t come as a new development. But that a public figure, who used to be in the upper levels of the world’s largest Wall Street bullion bank is pointing it out now does seem significant.</p>
<div class="lb-trans"><p>对于长期投资黄金和白银的投资者来说，白银作为避险资产的想法并不新鲜。但一个曾在全球最大的华尔街贵金属银行高层的公众人物现在指出这一点，似乎确实具有重要意义。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!Z71p!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F30897fb1-82f5-4526-918f-ad8601a662ef_1064x900.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!Z71p!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F30897fb1-82f5-4526-918f-ad8601a662ef_1064x900.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!xPOU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9ff12397-3539-4d4e-b354-c4e5ab53d5c4_1070x350.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!xPOU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9ff12397-3539-4d4e-b354-c4e5ab53d5c4_1070x350.png"/></p>
<p>There are reasons that I still think it’s more likely for governments to make some sort of move towards using gold as collateral in the monetary system rather than using gold AND silver. Two of them being that while the governments can make a significant dent in their debt loads by revaluing gold higher, to revalue silver high enough to be able to achieve any debt repatriation would require taking silver to a price that would basically eliminate any industrial usage. Also, most of the governments and central banks don’t own any silver, so even if they revalued it, they wouldn’t get to directly benefit from that in the same way they would with gold.</p>
<div class="lb-trans"><p>我仍然认为，政府更可能采取某种措施，将黄金作为货币体系中的抵押品，而不是同时使用黄金和白银。原因之一是，虽然政府可以通过提高黄金的估值来显著减少债务负担，但要将白银的估值提高到足以实现任何债务回收的水平，则需要将白银价格提高到基本上消除任何工业用途的程度。此外，大多数政府和中央银行并不拥有任何白银，因此即使它们重新估值，也无法像黄金那样直接受益。</p>
</div><p>Yet that doesn’t mean that a government or central bank may not look at silver as an important resource, or just a good investment. Obviously, we’ve already seen the US reclassify silver as a strategic critical mineral, and in the same way we were able to highlight the silver supply issues long before London got rocked by a shortage this past October, the investment case for silver isn’t all that complex that sophisticated investors and central banks can’t put two and two together.</p>
<div class="lb-trans"><p>然而，这并不意味着政府或中央银行不会将白银视为重要资源或良好投资。显然，我们已经看到美国将白银重新分类为战略关键矿物，正如我们能够在伦敦在去年十月遭遇短缺之前很久就强调白银供应问题一样，白银的投资案例并不复杂，以至于成熟的投资者和中央银行无法将其联系起来。</p>
</div><p>I mentioned last week that there have been rumors circulating that a large investor has been standing for physical delivery of silver, and my guess is that, accurate or not, we will continue to see things like that float around, especially should the rally continue. There will definitely be unsubstantiated speculation mixed in, but I’ll continue to check and verify what I can, as this does remain an Achilles of the silver market.</p>
<div class="lb-trans"><p>我上周提到，有传言称一位大型投资者正在要求实物交割白银，我的猜测是，无论这个传言是否准确，我们将继续看到类似的事情，特别是在上涨持续的情况下。肯定会有一些没有根据的猜测混杂其中，但我会继续检查和验证我能得到的信息，因为这仍然是白银市场的一个致命弱点。</p>
</div><p>So as much fun as this year has been, there will be plenty to keep us all fascinated in the months and years ahead. But most importantly, I do just hope you enjoyed yet another truly special week in the precious metals markets, and are getting set to have a safe and wonderful holiday season with your family and those you love.</p>
<div class="lb-trans"><p>所以，尽管今年的乐趣无穷，但在未来几个月和几年里，我们仍将有很多事情让我们着迷。但最重要的是，我希望你们享受这一周在贵金属市场的特别时刻，并准备好与家人和所爱的人一起度过一个安全而美好的假期季节。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Gold And Silver Get Big Boost From New Pension Change In India</p>
<div class="lb-trans"><p>印度养老金改革为黄金和白银带来巨大推动</p>
</div><p>Silver Soars Again, Now Over $64 Per Ounce</p>
<div class="lb-trans"><p>白银再次飙升，现在每盎司超过 64 美元</p>
</div><p>If Silver Broke $60 For Today's Rate Cut, What Happens When Trump's Pick Takes Over?</p>
<div class="lb-trans"><p>如果白银突破 60 美元，特朗普的接任者会发生什么？</p>
</div>

甚至华尔街也开始承认白银是 ‘避险资产’