<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>圖片來源：Zlaťáky.cz，來自 Unsplash</em></p>
<h3><strong>本世紀的黃金</strong></h3>
<p>下圖顯示瞭如果我們在本世紀的任何時間購買黃金會發生什麼。數字有點難以閲讀，但顏色（綠色）是關鍵：自 2000 年以來，無論何時購買黃金，投資者都獲得了收益，並且收益率正在加速上升。</p>
<p><em>(點擊圖片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! fe3d!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0db1a27b-7fc4-459c-b293-60040e742350_1225x682.jpeg)</p>
<h3><strong>以任何貨幣…</strong></h3>
<p>購買黃金所用的貨幣也無關緊要。黃金在所有貨幣中都在上漲：</p>
<p><em>(點擊圖片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! mu1J!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc61e157-0ed4-4d81-872d-725442b6b10f_1318x727.jpeg)</p>
<h3><strong>對實物黃金的需求</strong></h3>
<p>在主要金屬交易所，實物黃金的需求激增：</p>
<p><em>(點擊圖片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! 4SkX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d5fc54a-28fd-456e-989a-a9d5a37d79da_1228x697.jpeg)</p>
<h3><strong>白銀表現更佳</strong></h3>
<p>還記得黃金/白銀比率突破 100 時（意味着購買一盎司黃金需要超過 100 盎司白銀），黃金愛好者稱其為白銀的強烈買入信號嗎？</p>
<p>他們是對的。白銀的表現超過了黃金，黃金/白銀比率正在急劇下降。但它仍高於過去的平均水平，這意味着它仍然被低估，無論是相對於自身還是相對於黃金：</p>
<p><em>(點擊圖片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! g9v4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2061ec3b-9f62-4e6a-a044-bd780f49e65c_2667x1500.jpeg)</p>
<p>毫不奇怪，這轉化為 25 年來的白銀購買量大幅上升，無論何時購買或以何種價格：</p>
<p><em>(點擊圖片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! 2cn1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0eda7c1f-6169-406f-bd5b-b502499322f9_1268x727.jpeg)</p>
<h3><strong>對實物白銀的需求</strong></h3>
<p>與黃金一樣，實物白銀以創紀錄的速度離開交易所，因為可用金屬的數量在減少：</p>
<p><em>(點擊圖片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! BA6T!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F433dc2a1-30e4-45b5-9c8c-475f4eb4a6d2_1299x692.jpeg)</p>
<h3><strong>礦工們怎麼樣？</strong></h3>
<p>如果金屬正在從交易所消失，礦工的黃金/白銀儲備是否變得更有價值？是的，尤其是考慮到他們的市值相對於更廣泛市場的規模是多麼小。因此，繼續購買高質量的礦工股票。</p>
<p><em>(點擊圖片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! o3Ri!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F70e1fec9-4b92-4a2f-8659-565395bf76d9_1305x689.jpeg)</p>
<p>Incrementum — 優質黃金/白銀圖表的來源 — 剛剛發佈了一些新的圖表，展示了這個牛市的史詩性質。以下是七個圖表及其所講述的故事：</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>明年的黑馬：日元套利交易</p>
<p>黃金愛好者獲勝</p>
<p>2026 年的全球貨幣危機？</p>

BULL

<p>這篇文章討論了黃金和白銀的持續牛市，強調自 2000 年以來，無論使用何種貨幣購買，這兩種金屬都實現了顯著的漲幅。兩種金屬的實物需求達到了歷史最高水平，白銀的表現優於黃金。黃金/白銀比率正在下降，但仍高於歷史平均水平，表明白銀仍被低估。文章還指出，礦工的儲備變得更加有價值。Incrementum 發佈了新的圖表，展示了這一牛市</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>圖片來源：Zlaťáky.cz，來自 Unsplash</em></p>
</div><h3><strong>Gold in This Century</strong></h3>
<div class="lb-trans"><h3><strong>本世紀的黃金</strong></h3>
</div><p>The following chart shows what would have happened if we had bought gold at nearly any time in this century. The numbers are a little hard to read, but the color (green) is what matters: No matter when someone bought gold since 2000, they’re up, and the rate of gain is accelerating.</p>
<div class="lb-trans"><p>下圖顯示瞭如果我們在本世紀的任何時間購買黃金會發生什麼。數字有點難以閲讀，但顏色（綠色）是關鍵：自 2000 年以來，無論何時購買黃金，投資者都獲得了收益，並且收益率正在加速上升。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!fe3d!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0db1a27b-7fc4-459c-b293-60040e742350_1225x682.jpeg" alt="" original-src="https://substackcdn.com/image/fetch/$s_!fe3d!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0db1a27b-7fc4-459c-b293-60040e742350_1225x682.jpeg"/></p>
<h3><strong>In Any Currency…</strong></h3>
<div class="lb-trans"><h3><strong>以任何貨幣…</strong></h3>
</div><p>It also didn’t matter what currency we used to buy our gold. It’s up against them all:</p>
<div class="lb-trans"><p>購買黃金所用的貨幣也無關緊要。黃金在所有貨幣中都在上漲：</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!mu1J!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc61e157-0ed4-4d81-872d-725442b6b10f_1318x727.jpeg" alt="" original-src="https://substackcdn.com/image/fetch/$s_!mu1J!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc61e157-0ed4-4d81-872d-725442b6b10f_1318x727.jpeg"/></p>
<h3><strong>Demanding Physical Gold</strong></h3>
<div class="lb-trans"><h3><strong>對實物黃金的需求</strong></h3>
</div><p>On major metals exchanges, the demand for physical gold has spiked:</p>
<div class="lb-trans"><p>在主要金屬交易所，實物黃金的需求激增：</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!4SkX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d5fc54a-28fd-456e-989a-a9d5a37d79da_1228x697.jpeg" alt="" original-src="https://substackcdn.com/image/fetch/$s_!4SkX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d5fc54a-28fd-456e-989a-a9d5a37d79da_1228x697.jpeg"/></p>
<h3><strong>Silver Doing Even Better</strong></h3>
<div class="lb-trans"><h3><strong>白銀表現更佳</strong></h3>
</div><p>Remember when the gold/silver ratio broke 100 (meaning it took more than 100 ounces of silver to buy an ounce of gold) and gold bugs called it a screaming buy signal for silver?</p>
<div class="lb-trans"><p>還記得黃金/白銀比率突破 100 時（意味着購買一盎司黃金需要超過 100 盎司白銀），黃金愛好者稱其為白銀的強烈買入信號嗎？</p>
</div><p>They were right. Silver has been outperforming gold, and the gold/silver ratio is falling hard. BUT it remains above past averages, which means it’s still undervalued, both on its own and relative to gold:</p>
<div class="lb-trans"><p>他們是對的。白銀的表現超過了黃金，黃金/白銀比率正在急劇下降。但它仍高於過去的平均水平，這意味着它仍然被低估，無論是相對於自身還是相對於黃金：</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!g9v4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2061ec3b-9f62-4e6a-a044-bd780f49e65c_2667x1500.jpeg" alt="" original-src="https://substackcdn.com/image/fetch/$s_!g9v4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2061ec3b-9f62-4e6a-a044-bd780f49e65c_2667x1500.jpeg"/></p>
<p>Not surprisingly, this translates into 25 years of silver purchases being way up, no matter when it was bought or at what price:</p>
<div class="lb-trans"><p>毫不奇怪，這轉化為 25 年來的白銀購買量大幅上升，無論何時購買或以何種價格：</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!2cn1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0eda7c1f-6169-406f-bd5b-b502499322f9_1268x727.jpeg" alt="" original-src="https://substackcdn.com/image/fetch/$s_!2cn1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0eda7c1f-6169-406f-bd5b-b502499322f9_1268x727.jpeg"/></p>
<h3><strong>Demanding Physical Silver</strong></h3>
<div class="lb-trans"><h3><strong>對實物白銀的需求</strong></h3>
</div><p>Like gold, physical silver is leaving the exchanges at record rates, as the amount of available metal dwindles:</p>
<div class="lb-trans"><p>與黃金一樣，實物白銀以創紀錄的速度離開交易所，因為可用金屬的數量在減少：</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!BA6T!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F433dc2a1-30e4-45b5-9c8c-475f4eb4a6d2_1299x692.jpeg" alt="" original-src="https://substackcdn.com/image/fetch/$s_!BA6T!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F433dc2a1-30e4-45b5-9c8c-475f4eb4a6d2_1299x692.jpeg"/></p>
<h3><strong>What About the Miners?</strong></h3>
<div class="lb-trans"><h3><strong>礦工們怎麼樣？</strong></h3>
</div><p>If the metals are disappearing from exchanges, are the miners’ gold/silver reserves becoming more valuable? Yes, especially given how small their market caps are relative to the broader markets. So keep buying the high-quality miners.</p>
<div class="lb-trans"><p>如果金屬正在從交易所消失，礦工的黃金/白銀儲備是否變得更有價值？是的，尤其是考慮到他們的市值相對於更廣泛市場的規模是多麼小。因此，繼續購買高質量的礦工股票。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!o3Ri!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F70e1fec9-4b92-4a2f-8659-565395bf76d9_1305x689.jpeg" alt="" original-src="https://substackcdn.com/image/fetch/$s_!o3Ri!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F70e1fec9-4b92-4a2f-8659-565395bf76d9_1305x689.jpeg"/></p>
<p>Incrementum — source of great gold/silver charts — just posted some new ones that illustrate the epic nature of this bull market. Here are seven, and the stories they tell:</p>
<div class="lb-trans"><p>Incrementum — 優質黃金/白銀圖表的來源 — 剛剛發佈了一些新的圖表，展示了這個牛市的史詩性質。以下是七個圖表及其所講述的故事：</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>Next Year's Wild Card: The Yen Carry Trade</p>
<div class="lb-trans"><p>明年的黑馬：日元套利交易</p>
</div><p>Gold Bugs Win</p>
<div class="lb-trans"><p>黃金愛好者獲勝</p>
</div><p>A Global Currency Crisis In 2026?</p>
<div class="lb-trans"><p>2026 年的全球貨幣危機？</p>
</div>

黃金/白銀牛市：七張圖表解析