<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Flux_Dev_create_an_image_of_highly_polished_silver_bricks_stac_2.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1376" height="768" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Flux_Dev_create_an_image_of_highly_polished_silver_bricks_stac_2.jpg"/></p>
<p>银长期以来一直处于黄金的阴影之下，但 2025 年是一个转折点，银的表现显著超过黄金。</p>
<p>看起来这波上涨势头将在 2026 年继续。</p>
<p>由于电子产品、可再生能源和电动汽车（EV）前所未有的需求，银越来越被视为一种关键矿物，而不仅仅是贵金属。</p>
<p>Wheaton Precious Metals 的首席执行官 Randy Smallwood 在上周接受 CNBC 采访时表示，他的公司对 2026 年的银 “感到非常兴奋”，并指出基本面异常强劲且供应受限。</p>
<p>对于那些想知道是否已经太晚投资银的投资者，证据表明并非如此——银的故事才刚刚开始。</p>
<h2>供应限制将推动 2026 年银价上涨</h2>
<p>在 “<em>Money Movers</em>” 节目中，Randy Smallwood 对银持超乐观态度，主要是因为供应瓶颈。</p>
<p>与黄金不同，大多数银是铅锌和铜矿的副产品。根据 Wheaton Precious Metals 首席执行官的说法：</p>
<p>“铅锌市场目前并不强劲。当然，铜的价格也处于历史高位。但这些矿山的生产并不会那么快增加。”</p>
<p>这意味着银的供应无法轻易扩大以满足日益增长的需求，造成结构性失衡。</p>
<p>随着从移动电子产品到电动汽车的各个行业消耗更多的银，有限的生产能力确保价格在 2026 年之前保持支撑。</p>
<h2>技术和能源转型正在增加银的需求</h2>
<p>银在现代技术和能源转型中的作用是长期增长的另一个驱动因素。</p>
<p>Smallwood 强调了银的独特属性，他说：“它使电池寿命更长，提供更高的处理能力。这在我们逐渐进入一个移动世界的过程中非常重要，从电动汽车到智能戒指和智能手表。”</p>
<p>除了消费电子产品，银在太阳能电池板和可再生能源基础设施中也至关重要。随着全球各国加速能源转型，银的需求预计将急剧上升。</p>
<p>Wheaton 已经有 35-40% 的收入来自银，使其成为全球最大的银生产商之一。</p>
<p>随着这些趋势的加剧，银的战略重要性确保其价格轨迹保持上升——这进一步证明在 2026 年之前投资银可能并不算太晚。</p>
<h2>这对 Wheaton Precious Metals 股票意味着什么</h2>
<p>预计将在 2026 年推动银价上涨的上述催化剂对 Wheaton Precious Metals 尤其重要，因为其独特的商业模式。</p>
<p>作为一家流媒体公司，Wheaton 通过购买矿工的未来生产来锁定固定成本，使其免受通货膨胀压力的影响。</p>
<p>“我们的实际生产成本是固定的。我们没有像许多同行，尤其是矿业公司那样面临的通货膨胀压力带来的成本风险，” Smallwood 指出。</p>
<p>这种稳定性使 WPM 能够产生创纪录的现金流——即使在商品价格上涨的情况下。</p>
<p>对于投资者来说，这突显了通过像 Wheaton 这样的流媒体公司获得银的敞口可以提供杠杆收益，而无需承担传统采矿的运营风险。</p>
<p>文章《2026 年银价预测：投资是否已经太晚，还是上涨势头仍在继续？》最初发布在 Invezz 上。</p>

<p>银价预计将在 2026 年前继续上涨，这主要受到电子产品、可再生能源和电动车辆前所未有的需求推动。Wheaton Precious Metals 的首席执行官 Randy Smallwood 强调，强劲的基本面和供应限制是支撑银价的关键因素。由于生产能力有限和工业消费增加，银的战略重要性将不断上升。Wheaton 独特的流媒体模式使其能够在银价上涨的同时降低运营风险，成为考虑投资银的投资者的一个有吸引力的选择</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Flux_Dev_create_an_image_of_highly_polished_silver_bricks_stac_2.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/Flux_Dev_create_an_image_of_highly_polished_silver_bricks_stac_2.jpg"/></p>
<p>Silver has long played second fiddle to gold, but 2025 was a turning point with silver outperforming gold by a significant margin.</p>
<div class="lb-trans"><p>银长期以来一直处于黄金的阴影之下，但 2025 年是一个转折点，银的表现显著超过黄金。</p>
</div><p>It seems like the rally is set to run into 2026 as well.</p>
<div class="lb-trans"><p>看起来这波上涨势头将在 2026 年继续。</p>
</div><p>With unprecedented demand from electronics, renewable energy, and electric vehicles (EV), silver is increasingly being seen as a critical mineral rather than just a precious metal.</p>
<div class="lb-trans"><p>由于电子产品、可再生能源和电动汽车（EV）前所未有的需求，银越来越被视为一种关键矿物，而不仅仅是贵金属。</p>
</div><p>Randy Smallwood – the chief executive of Wheaton Precious Metals – told CNBC in an interview last week that his company is “really excited about silver” heading into 2026, citing exceptionally strong fundamentals and constrained supply.</p>
<div class="lb-trans"><p>Wheaton Precious Metals 的首席执行官 Randy Smallwood 在上周接受 CNBC 采访时表示，他的公司对 2026 年的银 “感到非常兴奋”，并指出基本面异常强劲且供应受限。</p>
</div><p>For investors wondering if it’s already too late to invest in Silver, the evidence suggests otherwise – silver’s story is only beginning.</p>
<div class="lb-trans"><p>对于那些想知道是否已经太晚投资银的投资者，证据表明并非如此——银的故事才刚刚开始。</p>
</div><h2>Supply constraints to drive silver price higher in 2026</h2>
<div class="lb-trans"><h2>供应限制将推动 2026 年银价上涨</h2>
</div><p>On “ <em>Money Movers</em>”, Randy Smallwood took an uber-bullish stance on silver, mostly because of the supply bottleneck.</p>
<div class="lb-trans"><p>在 “<em>Money Movers</em>” 节目中，Randy Smallwood 对银持超乐观态度，主要是因为供应瓶颈。</p>
</div><p>Unlike gold, most silver is produced as a byproduct of lead-zinc and copper mining. According to the Wheaton Precious Metals’ chief executive:</p>
<div class="lb-trans"><p>与黄金不同，大多数银是铅锌和铜矿的副产品。根据 Wheaton Precious Metals 首席执行官的说法：</p>
</div><p>“The lead-zinc market isn’t all that strong right now. Copper, of course, is also at record highs. But these mines, they just don’t ramp up that production as fast.”</p>
<div class="lb-trans"><p>“铅锌市场目前并不强劲。当然，铜的价格也处于历史高位。但这些矿山的生产并不会那么快增加。”</p>
</div><p>This means silver supply can’t easily expand to meet rising demand, creating a structural imbalance.</p>
<div class="lb-trans"><p>这意味着银的供应无法轻易扩大以满足日益增长的需求，造成结构性失衡。</p>
</div><p>As industries from mobile electronics to electric vehicles consume more silver, limited production capacity ensures prices remain supported well into 2026.</p>
<div class="lb-trans"><p>随着从移动电子产品到电动汽车的各个行业消耗更多的银，有限的生产能力确保价格在 2026 年之前保持支撑。</p>
</div><h2>Tech and energy transition is increasing silver demand</h2>
<div class="lb-trans"><h2>技术和能源转型正在增加银的需求</h2>
</div><p>Silver’s role in modern technology and energy transition is another driver of long-term growth.</p>
<div class="lb-trans"><p>银在现代技术和能源转型中的作用是长期增长的另一个驱动因素。</p>
</div><p>Smallwood emphasized its unique properties, saying, “it makes batteries last longer, gives higher processing power. That’s important as we gradually moving into a mobile world, all the way from electric vehicles to smart rings and smartwatches.”</p>
<div class="lb-trans"><p>Smallwood 强调了银的独特属性，他说：“它使电池寿命更长，提供更高的处理能力。这在我们逐渐进入一个移动世界的过程中非常重要，从电动汽车到智能戒指和智能手表。”</p>
</div><p>Beyond consumer electronics, silver is crucial in solar panels and renewable energy infrastructure as well. With governments worldwide accelerating the energy transition, silver demand is expected to rise sharply.</p>
<div class="lb-trans"><p>除了消费电子产品，银在太阳能电池板和可再生能源基础设施中也至关重要。随着全球各国加速能源转型，银的需求预计将急剧上升。</p>
</div><p>Wheaton already derives 35-40% of its revenue from silver, making it one of the largest silver producers globally.</p>
<div class="lb-trans"><p>Wheaton 已经有 35-40% 的收入来自银，使其成为全球最大的银生产商之一。</p>
</div><p>As these trends intensify, silver’s strategic importance ensures its price trajectory remains upward – reinforcing that it may not be too late to invest in silver heading into 2026.</p>
<div class="lb-trans"><p>随着这些趋势的加剧，银的战略重要性确保其价格轨迹保持上升——这进一步证明在 2026 年之前投资银可能并不算太晚。</p>
</div><h2>What all of this means for Wheaton Precious Metals stock</h2>
<div class="lb-trans"><h2>这对 Wheaton Precious Metals 股票意味着什么</h2>
</div><p>The aforementioned catalysts that are expected to drive silver prices higher in 2026 are especially significant for Wheaton Precious Metals due to its unique business model.</p>
<div class="lb-trans"><p>预计将在 2026 年推动银价上涨的上述催化剂对 Wheaton Precious Metals 尤其重要，因为其独特的商业模式。</p>
</div><p>As a streaming company, Wheaton locks in fixed costs by buying future production from miners, insulating itself from inflationary pressures.</p>
<div class="lb-trans"><p>作为一家流媒体公司，Wheaton 通过购买矿工的未来生产来锁定固定成本，使其免受通货膨胀压力的影响。</p>
</div><p>“Our actual production costs are fixed. We don’t have that cost risk that inflationary pressure that so many of our peers, and especially the mining companies, actually do suffer from,” Smallwood noted.</p>
<div class="lb-trans"><p>“我们的实际生产成本是固定的。我们没有像许多同行，尤其是矿业公司那样面临的通货膨胀压力带来的成本风险，” Smallwood 指出。</p>
</div><p>This stability allows WPM to generate record cash flows – even as commodity prices rise.</p>
<div class="lb-trans"><p>这种稳定性使 WPM 能够产生创纪录的现金流——即使在商品价格上涨的情况下。</p>
</div><p>For investors, it highlights how silver exposure through streaming names like Wheaton stock can offer leveraged upside without the operational risks of traditional mining.</p>
<div class="lb-trans"><p>对于投资者来说，这突显了通过像 Wheaton 这样的流媒体公司获得银的敞口可以提供杠杆收益，而无需承担传统采矿的运营风险。</p>
</div><p>The post Silver price forecast for 2026: is it too late to invest or the rally still has legs? appeared first on Invezz</p>
<div class="lb-trans"><p>文章《2026 年银价预测：投资是否已经太晚，还是上涨势头仍在继续？》最初发布在 Invezz 上。</p>
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2026 年白银价格预测：现在投资是否为时已晚，还是上涨行情仍有潜力？