<p>新加坡：随着近期全球银价飙升，实物白银在新加坡变得越来越难以获得，投资者纷纷涌向这一贵金属，导致经销商争相寻找库存。等待名单现在已经延长至数月，一些零售商在分析师所描述的紧缩市场中，难以确保新供应。随着贵金属在去年成为商品中的佼佼者，经济不确定性和地缘政治风险推动了这一趋势。白银的表现超过了大多数主要股票指数和货币，而黄金则攀升至历史新高。一些分析师认为，随着利率预计下降，投资者继续寻求避险资产，贵金属今年可能会进一步上涨。库存紧张 白银在 2025 年经历了异常的反弹，涨幅达到 161%，上个月首次突破每盎司 80 美元大关。这种金属的表现超过了黄金，后者在同一时期上涨了 66%。分析师将价格飙升归因于强劲的工业需求，特别是来自电子和可再生能源领域的需求，以及全球供应短缺。这一反弹吸引了大量投资者的关注，随着价格上涨，买家纷纷抢购白银金条，进一步加剧了本已有限的供应。需求的上升现在已经在市场上显现。金条经销商 Kwek Seow Bin 告诉 CNA，他的商店在 11 月至 12 月期间，黄金和白银的销售几乎增长了六倍，因为客户急于在价格上涨中锁定购买。“对于我们这些经销商来说，我们并没有进行很多营销。人们在寻找我们购买实物金属，” 新加坡初创公司 Metal &amp; Picks 的老板 Kwek 先生说。他补充说，买家的构成也开始发生变化。曾经主要由本地和中年客户主导的 Upper Boon Keng 的商店，现在看到 20 多岁的年轻买家，甚至外国人也在抢购白银金条。这一变化部分是由于大型经销商库存不足，迫使买家寻找其他渠道。Kwek 先生表示，尽管白银的波动性更大，但现在约 90% 的客户选择白银而非黄金。“对实物（白银）的需求是疯狂的，” Kwek 先生补充道，他已经提高了白银产品的利润率并下了更大的订单。“一些（冶炼厂）甚至在我们下订单时表示，他们不敢接单。所以现在我们在等待名单上。” 这位零售商表示，上个月他下了大约 300 块 1 公斤白银条的订单，但随后被告知库存预计要到 3 月份才能到货。这与早期的情况形成鲜明对比，之前的订单通常只需一到两周就能到达。为了应对，经销商告诉 CNA，他们正在下更大的订单并扩展在线销售渠道，因为越来越多的买家转向数字平台以快速获得金条。行业推动需求 除了投资者外，一些行业已成为白银需求的最大驱动因素，占全球消费的约 60%。电动车、太阳能电池板和半导体制造等行业依赖于白银的高导电性。“目前存在过度需求的情况，” 新加坡贵金属交易所的经济学家 Tan Kee Wee 博士表示。“在过去五年中，矿山未能提供足够的白银以满足工业需求。” 经济学家表示，尽管较高的白银价格最终可能会转嫁给消费者，但在新加坡的直接影响可能仍然有限。“一旦中国和（南）韩国为制造电动车、电池或芯片等支付更高的白银价格，当然，他们会提高对我们这样的消费者的价格，” Tan 博士说，指的是全球主要制造中心之一。“因此，未来价格会更高。” 但他指出，影响 “不会很大”，因为白银在制造电动车或电池的成本中占比很小。中小企业协会会长 Ang Yuit 表示：“尽管白银价格很高，但对消费者的实际价格转化在目前仍然相对可控。” 例如，与制造和运输成本等其他因素相比，白银在太阳能电池板总成本中仅占 “非常小” 的部分。他补充说：“虽然白银价格可能已达到历史新高，但对一块太阳能电池板的输出价格的实际影响并不显著，因为还有其他因素在起作用。” 分析师表示，一个关键的观察指标是实物白银在亚洲是否继续以溢价交易，这表明工业需求仍然超过供应。“对于工业界来说，他们不在乎——他们需要白银，” Tan 博士说，并补充说一些人正在多元化投资铂金和钯金，这两者在去年也出现了强劲的价格上涨。“他们会支付更高的价格，因为否则他们的工厂将缺乏白银而停工。因此，他们会出价更高。”</p>

BYRG

<p>全球银价飙升，导致新加坡出现购买热潮，实物银变得稀缺。经销商面临着库存的长等待名单，需求受到投资者和电子、可再生能源等工业部门的推动。当地商店的销售显著增加，买家人群的年龄结构向年轻客户明显转变。分析师预测，随着利率下降，贵金属将进一步上涨，尽管对消费者价格的直接影响预计将是可控的。供应短缺归因于强劲的工业需求和不足的矿产产出</p>

<p>SINGAPORE: Physical silver is becoming increasingly hard to find in Singapore, as a recent global surge in prices has sent investors rushing to the precious metal and left dealers scrambling for stock. Waitlists are now stretching for months, with some retailers struggling to secure fresh supplies amid what analysts describe as a tightening market. The scramble comes as precious metals emerged as the standout performers among commodities last year, driven by economic uncertainty and geopolitical risks. Silver outpaced most major equity indices and currencies, while gold climbed to record highs. Some analysts believe precious metals could see further gains this year, as interest rates are expected to fall and investors continue to seek safe haven assets. TIGHTER STOCK Silver staged an exceptional rally in 2025, gaining 161 per cent and breaking the US$80-per-ounce mark for the first time last month. The metal outperformed gold, which rose 66 per cent over the same period. Analysts attribute the price surge to a combination of strong industrial demand – particularly from electronics and renewable energy sectors – and a global supply shortage. The rally has drawn a wave of investor interest, with buyers snapping up silver bullion as prices climbed, further straining already limited supplies. That rise in demand is now being felt on the ground. Bullion dealer Kwek Seow Bin told CNA sales of gold and silver at his shop jumped nearly sixfold from November to December, as customers rushed to lock in purchases amid rising prices. “For us dealers, we are not doing a lot of marketing. People are searching for us to buy physical metals,” said Mr Kwek, owner of Singapore-based startup Metal &amp; Picks. He added that the profile of buyers is also beginning to shift. Once dominated by mostly local and middle-aged customers, the heartland shop in Upper Boon Keng is now seeing younger buyers in their 20s – and even foreigners – snapping up silver bullion. That shift is partly driven by larger dealers running low on stock, pushing buyers to look elsewhere. Mr Kwek said about nine in 10 of his customers now opt for silver over gold, despite its greater volatility. “The demand for physical (silver) is crazy,” added Mr Kwek, who has raised profit margins on silver products and placed larger orders. “Some (refineries), even when we send in orders, say that they don't dare to take in orders. So right now we are on a waitlist.” The retailer said it placed an order for about 300 pieces of 1kg silver bars last month, but has since been told the stock is only expected to arrive in March. That is a sharp slowdown from earlier periods, when orders typically took just one to two weeks to arrive. To cope, dealers told CNA they are placing larger orders and expanding online sales channels, as more buyers turn to digital platforms to secure bullion quickly.INDUSTRY FUELS DEMAND Beyond investors, some industries have become the largest driver of silver demand, accounting for about 60 per cent of global consumption. Sectors such as electric vehicles, solar panels and semiconductor manufacturing depend on silver’s high conductivity. “There is an over-demand situation,” said Dr Tan Kee Wee, an economist at the Singapore Precious Metals Exchange. “For the past five years, the mines have not been able to come out with (enough silver) to meet the demand for the industrial side.” Economists said that while higher silver prices may eventually be passed on to consumers, the immediate impact in Singapore is likely to remain limited. “Once China and (South) Korea pay higher for the silver to make their EVs, batteries or chips and all that, then, of course, they'll raise the price higher for consumers like us,” said Dr Tan, referring to two of the world’s major manufacturing hubs for such products. “So (it) will come to us with higher prices down the road.” But he noted that the impact “will not be major”, given that silver is a small part of the cost of making electric vehicles or batteries.Association of Small and Medium Enterprises president Ang Yuit said: “Even though the silver prices are high, the actual real translation to prices for the consumer is still quite manageable at this point in time.” For instance, silver makes up only a “very small” portion of the total cost of solar panels when compared with other factors such as manufacturing and shipping costs, he added. “While silver prices may have gone to record highs, the actual effect on the output price of a piece of a solar panel is not very significant, given everything else in play.” Analysts said a key indicator to watch is whether physical silver continues to trade at a premium in Asia, signalling that industrial demand is still outpacing supply. “For industrialists, they don't care – they need the silver,” said Dr Tan, adding that some are diversifying into platinum and palladium, which also posted strong price gains last year. “They'll pay more because otherwise their factories will be short of silver and stop running. So they will bid higher.”</p>
<div class="lb-trans"><p>新加坡：随着近期全球银价飙升，实物白银在新加坡变得越来越难以获得，投资者纷纷涌向这一贵金属，导致经销商争相寻找库存。等待名单现在已经延长至数月，一些零售商在分析师所描述的紧缩市场中，难以确保新供应。随着贵金属在去年成为商品中的佼佼者，经济不确定性和地缘政治风险推动了这一趋势。白银的表现超过了大多数主要股票指数和货币，而黄金则攀升至历史新高。一些分析师认为，随着利率预计下降，投资者继续寻求避险资产，贵金属今年可能会进一步上涨。库存紧张 白银在 2025 年经历了异常的反弹，涨幅达到 161%，上个月首次突破每盎司 80 美元大关。这种金属的表现超过了黄金，后者在同一时期上涨了 66%。分析师将价格飙升归因于强劲的工业需求，特别是来自电子和可再生能源领域的需求，以及全球供应短缺。这一反弹吸引了大量投资者的关注，随着价格上涨，买家纷纷抢购白银金条，进一步加剧了本已有限的供应。需求的上升现在已经在市场上显现。金条经销商 Kwek Seow Bin 告诉 CNA，他的商店在 11 月至 12 月期间，黄金和白银的销售几乎增长了六倍，因为客户急于在价格上涨中锁定购买。“对于我们这些经销商来说，我们并没有进行很多营销。人们在寻找我们购买实物金属，” 新加坡初创公司 Metal &amp; Picks 的老板 Kwek 先生说。他补充说，买家的构成也开始发生变化。曾经主要由本地和中年客户主导的 Upper Boon Keng 的商店，现在看到 20 多岁的年轻买家，甚至外国人也在抢购白银金条。这一变化部分是由于大型经销商库存不足，迫使买家寻找其他渠道。Kwek 先生表示，尽管白银的波动性更大，但现在约 90% 的客户选择白银而非黄金。“对实物（白银）的需求是疯狂的，” Kwek 先生补充道，他已经提高了白银产品的利润率并下了更大的订单。“一些（冶炼厂）甚至在我们下订单时表示，他们不敢接单。所以现在我们在等待名单上。” 这位零售商表示，上个月他下了大约 300 块 1 公斤白银条的订单，但随后被告知库存预计要到 3 月份才能到货。这与早期的情况形成鲜明对比，之前的订单通常只需一到两周就能到达。为了应对，经销商告诉 CNA，他们正在下更大的订单并扩展在线销售渠道，因为越来越多的买家转向数字平台以快速获得金条。行业推动需求 除了投资者外，一些行业已成为白银需求的最大驱动因素，占全球消费的约 60%。电动车、太阳能电池板和半导体制造等行业依赖于白银的高导电性。“目前存在过度需求的情况，” 新加坡贵金属交易所的经济学家 Tan Kee Wee 博士表示。“在过去五年中，矿山未能提供足够的白银以满足工业需求。” 经济学家表示，尽管较高的白银价格最终可能会转嫁给消费者，但在新加坡的直接影响可能仍然有限。“一旦中国和（南）韩国为制造电动车、电池或芯片等支付更高的白银价格，当然，他们会提高对我们这样的消费者的价格，” Tan 博士说，指的是全球主要制造中心之一。“因此，未来价格会更高。” 但他指出，影响 “不会很大”，因为白银在制造电动车或电池的成本中占比很小。中小企业协会会长 Ang Yuit 表示：“尽管白银价格很高，但对消费者的实际价格转化在目前仍然相对可控。” 例如，与制造和运输成本等其他因素相比，白银在太阳能电池板总成本中仅占 “非常小” 的部分。他补充说：“虽然白银价格可能已达到历史新高，但对一块太阳能电池板的输出价格的实际影响并不显著，因为还有其他因素在起作用。” 分析师表示，一个关键的观察指标是实物白银在亚洲是否继续以溢价交易，这表明工业需求仍然超过供应。“对于工业界来说，他们不在乎——他们需要白银，” Tan 博士说，并补充说一些人正在多元化投资铂金和钯金，这两者在去年也出现了强劲的价格上涨。“他们会支付更高的价格，因为否则他们的工厂将缺乏白银而停工。因此，他们会出价更高。”</p>
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新加坡的白银交易商在价格飙升和购买热潮中争相囤积库存