<p>经济学家 <strong>彼得·希夫</strong> 指出，银价飙升与市场对主要银矿股票反应之间存在明显脱节。</p>
<h2>这些股票 “应该在 12 月翻倍”</h2>
<p>周二，在 X 平台上发布的一系列帖子中，长期倡导硬资产和贵金属的希夫指出，尽管银价在 12 月上涨了 35%，由 <strong>iShares Silver Trust</strong> 追踪的银价 (NYSE: SLV)，但追踪主要银矿的 <strong>Global X Silver Miners ETF</strong> (NYSE: SIL) 仅上涨了 11%。</p>
<p>“投资者处于否认状态，” 希夫说，同时指出周二早上银价又上涨了 4 美元，而矿业公司尚未捕捉到这一波动。</p>
<p><strong>另见： 为什么投资者需要关注银价走势</strong></p>
<p>希夫表示，银矿股票通常提供对基础金属的杠杆暴露，而在如此剧烈的反弹面前，它们的表现乏善可陈令人困惑。他说：“考虑到这一波动，银股票在这个月应该翻倍。”</p>
<blockquote>
<p>股票投资者处于否认状态。今天早上银价上涨了 4 美元，仅在 12 月就上涨了超过 35%。然而，$SIL 这只银股票 ETF 本月仅上涨了 11%。银股票对银价高度杠杆化。考虑到这一波动，银股票在 12 月应该翻倍。</p>
<p>— 彼得·希夫 (@PeterSchiff) 2025 年 12 月 30 日</p>
</blockquote>
<p>银价在周一经历了 急剧回落，抹去了周五大部分的涨幅。然而，希夫表示，真正的过度反应发生在股票市场。</p>
<p>尽管商品仍然 “比前一周的收盘价高出约 10%”，希夫指出，银矿股票却抹去了上周的所有涨幅，尽管它们 “周五几乎没有上涨”。</p>
<p>根据希夫的说法，这种不匹配为投资者提供了一个有吸引力的机会。他说：“在经历了 14% 的银价修正后，银股票现在更值得购买。”</p>
<blockquote>
<p>今天银价下跌了 9%，抹去了周五的大部分涨幅。然而，银股票在周五几乎没有上涨的情况下，已经失去了上周的所有涨幅，尽管银价比前一周的收盘价高出约 10%。在经历了 14% 的银价修正后，银股票现在更值得购买。</p>
<p>— 彼得·希夫 (@PeterSchiff) 2025 年 12 月 29 日</p>
</blockquote>
<h2>矿业股票、ETF 未能跟上银价的反弹</h2>
<p>尽管银价历史性飙升，领先的银矿股票、小型矿商和 ETF 的表现却显著低于预期，尽管该金属录得自 1970 年代末以来最强劲的月度反弹，并且年初至今上涨了 154.57%。</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>股票 / ETF</strong></td>
<td><strong>年初至今表现</strong></td>
<td><strong>本月表现</strong></td>
</tr>
<tr>
<td><strong>Wheaton Precious Metals Corp.</strong> (NYSE: WPM)</td>
<td>+104.72%</td>
<td>+8.09%</td>
</tr>
<tr>
<td><strong>Americas Gold And Silver Corp.</strong> (NYSE: USAS)</td>
<td>+444.90%</td>
<td>+13.14%</td>
</tr>
<tr>
<td><strong>Coeur Mining Inc.</strong> (NYSE: CDE)</td>
<td>+191.77%</td>
<td>+6.66%</td>
</tr>
<tr>
<td><strong>Aya Gold &amp; Silver Inc.</strong> (OTC: AYASF)</td>
<td>+89.60%</td>
<td>+7.42%</td>
</tr>
<tr>
<td><strong>New Pacific Metals Corp.</strong> (NYSE: NEWP)</td>
<td>+181.75%</td>
<td>+24.56%</td>
</tr>
<tr>
<td><strong>Pan American Silver Corp.</strong> (NYSE: PAAS)</td>
<td>+146.56%</td>
<td>+14.34%</td>
</tr>
<tr>
<td><strong>First Majestic Silver Corp.</strong> (NYSE: AG)</td>
<td>+170.08%</td>
<td>+6.76%</td>
</tr>
<tr>
<td><strong>iShares MSCI Global Silver and Metals Miners ETF</strong> (BATS: SLVP)</td>
<td>+186.05%</td>
<td>+8.80%</td>
</tr>
<tr>
<td><strong>Amplify Junior Silver Miners ETF</strong> (NYSE: SILJ)</td>
<td>+167.40%</td>
<td>+7.86%</td>
</tr>
<tr>
<td><strong>Global X Silver Miners ETF</strong></td>
<td>+158.18%</td>
<td>+9.53%</td>
</tr>
</tbody>
</table>
<p>周二银价飙升超过 6%，达到每盎司 76 美元，而周三早晨目前下跌 1.44%，报每盎司 75.13 美元。</p>
<p>Global X Silver Miners ETF 在周二上涨了 1.38%，收于 85.51 美元，隔夜上涨 0.57%。该基金在 <strong>Benzinga 的边缘股票排名</strong> 中得分很高，短期、中期和长期的价格趋势均表现良好。点击 这里 获取有关该基金、其同行和竞争对手的深入见解。</p>
<p></p>
<p><em>照片来源：Tamer A Soliman，来自 Shutterstock.com</em></p>
<p><strong>阅读更多：</strong></p>
<ul>
<li><strong>First Majestic Silver 股票回落：发生了什么？</strong></li>
</ul>

<p>经济学家彼得·希夫强调了白银价格上涨与白银矿业股票表现之间的脱节。尽管白银在 12 月份飙升了 35%，但全球 X 白银矿业 ETF 仅上涨了 11%。希夫认为，考虑到金属价格的上涨，白银股票的价值应该翻倍。他建议，矿业股票的表现不佳提供了一个买入机会，尤其是在白银价格最近回调之后。年初至今，白银价格上涨了 154.57%，然而矿业股票的表现却显著滞后</p>

<p>Economist <strong>Peter Schiff</strong> is calling out the glaring disconnect between the surging price of silver and the market’s reaction to key silver mining stocks.</p>
<div class="lb-trans"><p>经济学家 <strong>彼得·希夫</strong> 指出，银价飙升与市场对主要银矿股票反应之间存在明显脱节。</p>
</div><h2>These Stocks ‘Should Have Doubled’ In December</h2>
<div class="lb-trans"><h2>这些股票 “应该在 12 月翻倍”</h2>
</div><p>On Tuesday, in a series of posts on X, Schiff, a long-time advocate of hard assets and precious metals, pointed out that while silver, tracked by the <strong>iShares Silver Trust</strong> (NYSE: SLV) surged 35% in December, the <strong>Global X Silver Miners ETF</strong> (NYSE: SIL), which tracks prominent silver miners, is up just 11%.</p>
<div class="lb-trans"><p>周二，在 X 平台上发布的一系列帖子中，长期倡导硬资产和贵金属的希夫指出，尽管银价在 12 月上涨了 35%，由 <strong>iShares Silver Trust</strong> 追踪的银价 (NYSE: SLV)，但追踪主要银矿的 <strong>Global X Silver Miners ETF</strong> (NYSE: SIL) 仅上涨了 11%。</p>
</div><p>“Investors are in denial,” Schiff said, while noting that Silver prices were up by another $4 on Tuesday morning, with miners yet to capture this move.</p>
<div class="lb-trans"><p>“投资者处于否认状态，” 希夫说，同时指出周二早上银价又上涨了 4 美元，而矿业公司尚未捕捉到这一波动。</p>
</div><p><strong>See Also: Why Investors Need To Pay Attention To Silver Price Action</strong></p>
<div class="lb-trans"><p><strong>另见： 为什么投资者需要关注银价走势</strong></p>
</div><p>Schiff said that silver miners typically offer leveraged exposure to the underlying metal, and their lackluster performance in the face of such a sharp rally is puzzling. “Given that move, silver stocks should have doubled” over the course of this month, he said.</p>
<div class="lb-trans"><p>希夫表示，银矿股票通常提供对基础金属的杠杆暴露，而在如此剧烈的反弹面前，它们的表现乏善可陈令人困惑。他说：“考虑到这一波动，银股票在这个月应该翻倍。”</p>
</div><blockquote>
<p>Stock investors are in denial. Silver is up $4 this morning and is now up over 35% so far in December alone. Yet $SIL, a silver stock ETF, is up just 11% this month. Silver stocks are highly leveraged to the silver price. Given that move, silver stocks should have doubled in Dec.</p>
<p>— Peter Schiff (@PeterSchiff) December 30, 2025</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>股票投资者处于否认状态。今天早上银价上涨了 4 美元，仅在 12 月就上涨了超过 35%。然而，$SIL 这只银股票 ETF 本月仅上涨了 11%。银股票对银价高度杠杆化。考虑到这一波动，银股票在 12 月应该翻倍。</p>
<p>— 彼得·希夫 (@PeterSchiff) 2025 年 12 月 30 日</p>
</blockquote>
</div><p>Silver prices experienced a steep reversal on Monday, erasing most of Friday’s gains. However, according to Schiff, the real overreaction was in the equities market.</p>
<div class="lb-trans"><p>银价在周一经历了 急剧回落，抹去了周五大部分的涨幅。然而，希夫表示，真正的过度反应发生在股票市场。</p>
</div><p>Even though the commodity was still “about 10% above the prior week's close,” Schiff noted that silver mining stocks gave up all of last week's gains, even though they “barely rose on Friday” to begin with.</p>
<div class="lb-trans"><p>尽管商品仍然 “比前一周的收盘价高出约 10%”，希夫指出，银矿股票却抹去了上周的所有涨幅，尽管它们 “周五几乎没有上涨”。</p>
</div><p>According to Schiff, this mismatch presents an attractive opportunity for investors. “Following a 14% silver correction, silver stocks are even better buys now,” he said.</p>
<div class="lb-trans"><p>根据希夫的说法，这种不匹配为投资者提供了一个有吸引力的机会。他说：“在经历了 14% 的银价修正后，银股票现在更值得购买。”</p>
</div><blockquote>
<p>Silver is down 9% today, giving up most of Friday's gains. Yet silver stocks, which barely rose on Friday, have lost all of last week's gains, despite silver being about 10% above the prior week's close. Following a 14% silver correction, silver stocks are even better buys now.</p>
<p>— Peter Schiff (@PeterSchiff) December 29, 2025</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>今天银价下跌了 9%，抹去了周五的大部分涨幅。然而，银股票在周五几乎没有上涨的情况下，已经失去了上周的所有涨幅，尽管银价比前一周的收盘价高出约 10%。在经历了 14% 的银价修正后，银股票现在更值得购买。</p>
<p>— 彼得·希夫 (@PeterSchiff) 2025 年 12 月 29 日</p>
</blockquote>
</div><h2>Mining Stocks, ETFs Fail To Keep Up With Silver’s Rally</h2>
<div class="lb-trans"><h2>矿业股票、ETF 未能跟上银价的反弹</h2>
</div><p>Despite a historic surge in silver prices, leading silver mining stocks, junior miners, and ETFs have significantly underperformed, even as the metal notched its strongest monthly rally since the late 1970s, and is up 154.57% year-to-date.</p>
<div class="lb-trans"><p>尽管银价历史性飙升，领先的银矿股票、小型矿商和 ETF 的表现却显著低于预期，尽管该金属录得自 1970 年代末以来最强劲的月度反弹，并且年初至今上涨了 154.57%。</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Stocks / ETFs</strong></td>
<td><strong>Year-To-Date Performance</strong></td>
<td><strong>Month-To-Date Performance</strong></td>
</tr>
<tr>
<td><strong>Wheaton Precious Metals Corp.</strong> (NYSE: WPM)</td>
<td>+104.72%</td>
<td>+8.09%</td>
</tr>
<tr>
<td><strong>Americas Gold And Silver Corp.</strong> (NYSE: USAS)</td>
<td>+444.90%</td>
<td>+13.14%</td>
</tr>
<tr>
<td><strong>Coeur Mining Inc.</strong> (NYSE: CDE)</td>
<td>+191.77%</td>
<td>+6.66%</td>
</tr>
<tr>
<td><strong>Aya Gold &amp; Silver Inc.</strong> (OTC: AYASF)</td>
<td>+89.60%</td>
<td>+7.42%</td>
</tr>
<tr>
<td><strong>New Pacific Metals Corp.</strong> (NYSE: NEWP)</td>
<td>+181.75%</td>
<td>+24.56%</td>
</tr>
<tr>
<td><strong>Pan American Silver Corp.</strong> (NYSE: PAAS)</td>
<td>+146.56%</td>
<td>+14.34%</td>
</tr>
<tr>
<td><strong>First Majestic Silver Corp.</strong> (NYSE: AG)</td>
<td>+170.08%</td>
<td>+6.76%</td>
</tr>
<tr>
<td><strong>iShares MSCI Global Silver and Metals Miners ETF</strong> (BATS: SLVP)</td>
<td>+186.05%</td>
<td>+8.80%</td>
</tr>
<tr>
<td><strong>Amplify Junior Silver Miners ETF</strong> (NYSE: SILJ)</td>
<td>+167.40%</td>
<td>+7.86%</td>
</tr>
<tr>
<td><strong>Global X Silver Miners ETF</strong></td>
<td>+158.18%</td>
<td>+9.53%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>股票 / ETF</strong></td>
<td><strong>年初至今表现</strong></td>
<td><strong>本月表现</strong></td>
</tr>
<tr>
<td><strong>Wheaton Precious Metals Corp.</strong> (NYSE: WPM)</td>
<td>+104.72%</td>
<td>+8.09%</td>
</tr>
<tr>
<td><strong>Americas Gold And Silver Corp.</strong> (NYSE: USAS)</td>
<td>+444.90%</td>
<td>+13.14%</td>
</tr>
<tr>
<td><strong>Coeur Mining Inc.</strong> (NYSE: CDE)</td>
<td>+191.77%</td>
<td>+6.66%</td>
</tr>
<tr>
<td><strong>Aya Gold &amp; Silver Inc.</strong> (OTC: AYASF)</td>
<td>+89.60%</td>
<td>+7.42%</td>
</tr>
<tr>
<td><strong>New Pacific Metals Corp.</strong> (NYSE: NEWP)</td>
<td>+181.75%</td>
<td>+24.56%</td>
</tr>
<tr>
<td><strong>Pan American Silver Corp.</strong> (NYSE: PAAS)</td>
<td>+146.56%</td>
<td>+14.34%</td>
</tr>
<tr>
<td><strong>First Majestic Silver Corp.</strong> (NYSE: AG)</td>
<td>+170.08%</td>
<td>+6.76%</td>
</tr>
<tr>
<td><strong>iShares MSCI Global Silver and Metals Miners ETF</strong> (BATS: SLVP)</td>
<td>+186.05%</td>
<td>+8.80%</td>
</tr>
<tr>
<td><strong>Amplify Junior Silver Miners ETF</strong> (NYSE: SILJ)</td>
<td>+167.40%</td>
<td>+7.86%</td>
</tr>
<tr>
<td><strong>Global X Silver Miners ETF</strong></td>
<td>+158.18%</td>
<td>+9.53%</td>
</tr>
</tbody>
</table>
</div><p>Silver prices soared by over 6% to $76 per ounce on Tuesday, and are currently down 1.44% on Wednesday early morning, at $75.13 per ounce.</p>
<div class="lb-trans"><p>周二银价飙升超过 6%，达到每盎司 76 美元，而周三早晨目前下跌 1.44%，报每盎司 75.13 美元。</p>
</div><p>The Global X Silver Miners ETF was up 1.38% on Tuesday, closing at $85.51, and is up 0.57% overnight. The fund scores high on Momentum in <strong>Benzinga’s Edge Stock Rankings</strong>, with a favorable price trend in the short, medium and long terms. Click here for deeper insights into the fund, its peers and competitors.</p>
<div class="lb-trans"><p>Global X Silver Miners ETF 在周二上涨了 1.38%，收于 85.51 美元，隔夜上涨 0.57%。该基金在 <strong>Benzinga 的边缘股票排名</strong> 中得分很高，短期、中期和长期的价格趋势均表现良好。点击 这里 获取有关该基金、其同行和竞争对手的深入见解。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p><em>Photo Courtesy: Tamer A Soliman on Shutterstock.com</em></p>
<div class="lb-trans"><p><em>照片来源：Tamer A Soliman，来自 Shutterstock.com</em></p>
</div><p><strong>Read More:</strong></p>
<div class="lb-trans"><p><strong>阅读更多：</strong></p>
</div><ul>
<li><strong>First Majestic Silver Stock Retreats: What’s Going On?</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>First Majestic Silver 股票回落：发生了什么？</strong></li>
</ul>
</div>

彼得·希夫表示，随着矿业股持续表现不佳，白银投资者正处于 “否认” 状态：“本应在 12 月翻倍”