<p>2025 年白银价格上涨近 148%，在新的一年中价格持续攀升，交易价格超过每盎司 90 美元。</p>
<p>随着快速上涨，白银现在成为全球第二大最有价值资产，市值达到 5.35 万亿美元。</p>
<p>唯一比白银更有价值的资产是黄金，市值为 32.5 万亿美元。</p>
<p>上周，白银的市值超过了人工智能芯片巨头英伟达（市值为 4.53 万亿美元）。它还超过了股市中的科技明星苹果、微软、亚马逊和谷歌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.moneymetals.com/uploads/content/silver-asset-ranking.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://www.moneymetals.com/uploads/content/silver-asset-ranking.png"/></p>
<p>多种因素共同推动白银价格上涨，包括黄金牛市的溢出效应、稳定的工业需求、激增的投资需求、通货膨胀和地缘政治不确定性。然而，关键驱动因素是金属供应不足。</p>
<p>这造成了显著的白银紧缩，持续推高价格。</p>
<p>问题的根源很简单：没有足够的金属来满足需求。</p>
<p>白银需求在过去四年中超过供应，白银协会预计 2025 年将是第五年。2024 年的结构性市场赤字为 1.489 亿盎司。这使得四年的市场短缺达到 6.78 亿盎司。包括预计的 2025 年短缺，市场赤字可能超过 8 亿盎司，相当于一整年的矿产产量。</p>
<p>由于金属供应紧张，白银用户必须从现有的地面库存中获取金属。持有这些库存的人不愿意出售他们的白银，导致价格持续上涨。</p>
<p>精炼厂正在拼命跟上需求。</p>
<p>Dillon Gage 是一家位于德克萨斯州的白银精炼厂。公司总裁特里·汉伦表示，他们正在进行三班倒，七天工作。</p>
<blockquote>
<p>“我们无法跟上。”</p>
</blockquote>
<p>前美国铸币局局长称供应和需求动态的交汇为 “完美风暴”。</p>
<blockquote>
<p>“我们一直处于长期供应赤字中，情况只会变得更糟。”</p>
</blockquote>
<p>日益增长的 ETF 需求也反映出对白银的兴趣激增。根据 Vanda Research 的数据，个人投资者在过去 390 天内向白银支持的基金投入了创纪录的 9.21 亿美元。</p>
<p>这突显了另一个问题。纸面白银远远超过实际金属。</p>
<p>根据分析师 Faysal Amin 在_FXStreet_上发布的数据，目前纸面与实物的比例接近 356:1。换句话说，世界上每一盎司实物白银对应 356 盎司纸面白银。</p>
<p>一些人推测白银处于泡沫中。担心金属可能被过度抛售是合理的，市场确实受益于 “错失机会的恐惧”。然而，金属的稀缺性在短期内不会减弱，仍然有很多理由对该金属保持看涨。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>债务黑洞又吞噬了一名受害者</p>
<p>债务数据继续显示消费者压力加深</p>
<p>尽管有关税收入，美国政府仍在大规模赤字中运行</p>

SLVR

2 倍做多白银 ETF - ProShares

PSLV

白银信托 ETF - iShares

白银矿业股 ETF - GlobalX

环球银矿 MSCI ETF - iShares

实物白银股票 ETF - ETFS

2 倍做空白银 ETF - ProShares

GBUG

<p>银价在 2025 年飙升近 148%，目前每盎司超过 90 美元，使其成为全球第二大最有价值资产，市值达到 5.35 万亿美元，超越了 Nvidia 和主要科技公司。价格上涨是由于供需严重失衡，预计市场将出现超过 8 亿盎司的缺口。日益增长的 ETF 需求反映出投资者的高度关注，但由于纸银与实物银的比例高达 356:1，市场对潜在泡沫的担忧依然存在。尽管存在投机，但银的稀缺性支持了看涨的前景</p>

<p>Silver was up nearly 148 percent in 2025, and the price has continued to climb in the new year, trading over $90 an ounce.</p>
<div class="lb-trans"><p>2025 年白银价格上涨近 148%，在新的一年中价格持续攀升，交易价格超过每盎司 90 美元。</p>
</div><p>With the rapid gain, silver now ranks as the second-most valuable asset in the world with a market cap of $5.35 trillion.</p>
<div class="lb-trans"><p>随着快速上涨，白银现在成为全球第二大最有价值资产，市值达到 5.35 万亿美元。</p>
</div><p>The only asset more valuable than silver is gold, with a market cap of $32.5 trillion.</p>
<div class="lb-trans"><p>唯一比白银更有价值的资产是黄金，市值为 32.5 万亿美元。</p>
</div><p>Last week, silver blew past AI chip giant Nvidia (market cap of $4.53 trillion). It has also surpassed stock market tech darlings Apple, Microsoft, Amazon, and Alphabet.</p>
<div class="lb-trans"><p>上周，白银的市值超过了人工智能芯片巨头英伟达（市值为 4.53 万亿美元）。它还超过了股市中的科技明星苹果、微软、亚马逊和谷歌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.moneymetals.com/uploads/content/silver-asset-ranking.png" alt="" original-src="https://www.moneymetals.com/uploads/content/silver-asset-ranking.png"/></p>
<p>Several dynamics have converged to drive silver higher, including spillover effects from the gold bull market, steady industrial demand, surging investment demand, inflation, and geopolitical uncertainty. However, one factor is the key driver – there isn’t enough metal.</p>
<div class="lb-trans"><p>多种因素共同推动白银价格上涨，包括黄金牛市的溢出效应、稳定的工业需求、激增的投资需求、通货膨胀和地缘政治不确定性。然而，关键驱动因素是金属供应不足。</p>
</div><p>This has created a significant silver squeeze that continues to pressure prices higher.</p>
<div class="lb-trans"><p>这造成了显著的白银紧缩，持续推高价格。</p>
</div><p>The root of the problem is simple: there isn’t enough metal to meet demand.</p>
<div class="lb-trans"><p>问题的根源很简单：没有足够的金属来满足需求。</p>
</div><p>Silver demand has outstripped supply for four straight years, and the Silver Institute projects that 2025 will be the fifth. The structural market deficit came in at 148.9 million ounces in 2024. That drove the four-year market shortfall to 678 million ounces. Including the projected 2025 shortfall, the market deficit will likely be well over 800 million ounces, an entire year of mining output.</p>
<div class="lb-trans"><p>白银需求在过去四年中超过供应，白银协会预计 2025 年将是第五年。2024 年的结构性市场赤字为 1.489 亿盎司。这使得四年的市场短缺达到 6.78 亿盎司。包括预计的 2025 年短缺，市场赤字可能超过 8 亿盎司，相当于一整年的矿产产量。</p>
</div><p>With metal in short supply, silver users must source metal from existing above-ground stocks. People holding those stocks are reluctant to let their silver go, driving prices persistently higher.</p>
<div class="lb-trans"><p>由于金属供应紧张，白银用户必须从现有的地面库存中获取金属。持有这些库存的人不愿意出售他们的白银，导致价格持续上涨。</p>
</div><p>Refiners are scrambling to keep up with demand.</p>
<div class="lb-trans"><p>精炼厂正在拼命跟上需求。</p>
</div><p>Dillon Gage is a silver refinery in Texas. Company president Terry Hanlon said they are running three shifts, seven days a week.</p>
<div class="lb-trans"><p>Dillon Gage 是一家位于德克萨斯州的白银精炼厂。公司总裁特里·汉伦表示，他们正在进行三班倒，七天工作。</p>
</div><blockquote>
<p>“We can’t keep up.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“我们无法跟上。”</p>
</blockquote>
</div><p>Former U.S. Mint president called the converging supply and demand dynamics a “perfect storm.”</p>
<div class="lb-trans"><p>前美国铸币局局长称供应和需求动态的交汇为 “完美风暴”。</p>
</div><blockquote>
<p>“We have been in a long-term supply deficit, and it is just getting worse.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“我们一直处于长期供应赤字中，情况只会变得更糟。”</p>
</blockquote>
</div><p>Growing ETF demand also reflects a surge in interest in silver. Individual investors have poured a record $921million into silver-backed funds over the past 390 days, according to data from Vanda Research.</p>
<div class="lb-trans"><p>日益增长的 ETF 需求也反映出对白银的兴趣激增。根据 Vanda Research 的数据，个人投资者在过去 390 天内向白银支持的基金投入了创纪录的 9.21 亿美元。</p>
</div><p>This underscores another problem. There is far more paper silver than actual metal.</p>
<div class="lb-trans"><p>这突显了另一个问题。纸面白银远远超过实际金属。</p>
</div><p>According to analyst Faysal Amin, published by <em>FXStreet</em>, the current paper‑to‑physical ratio stands near 356:1. In other words, for every ounce of physical silver in the world, there are 356 paper ounces.</p>
<div class="lb-trans"><p>根据分析师 Faysal Amin 在_FXStreet_上发布的数据，目前纸面与实物的比例接近 356:1。换句话说，世界上每一盎司实物白银对应 356 盎司纸面白银。</p>
</div><p>Some speculate that silver is in a bubble. It’s fair to worry that the metal might be oversold, and the market is certainly benefiting from “fear of missing out.” However, the scarcity of metal isn’t going to abate any time soon, leaving plenty of reasons to remain bullish on the metal.</p>
<div class="lb-trans"><p>一些人推测白银处于泡沫中。担心金属可能被过度抛售是合理的，市场确实受益于 “错失机会的恐惧”。然而，金属的稀缺性在短期内不会减弱，仍然有很多理由对该金属保持看涨。</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>The Debt Black Hole Claims Another Victim</p>
<div class="lb-trans"><p>债务黑洞又吞噬了一名受害者</p>
</div><p>Debt Data Continues To Signal Deep Consumer Stress</p>
<div class="lb-trans"><p>债务数据继续显示消费者压力加深</p>
</div><p>U.S. Government Still Running Massive Deficit Despite Tariff Revenue</p>
<div class="lb-trans"><p>尽管有关税收入，美国政府仍在大规模赤字中运行</p>
</div>

白银目前被评为全球第二有价值的资产