<p>雖然黃金市場往往主導貴金屬的討論，但目前銀市正吸引着投資者的注意。在十月初，銀價達到了歷史高點，攀升至每盎司 50 美元，打破了 2011 年 4 月創下的前紀錄。當時，市場的熱情集中在美聯儲及其日益上升的鴿派貨幣政策預期上。</p>
<p>在某種程度上，樂觀的敍述中帶有一絲憤世嫉俗。從機制上講，降息意味着借貸成本降低，這將有效減少美元的購買力。在其他條件相同的情況下，這應該會提高銀的價值，因為銀是一種具有雙重性質的貴金屬。儘管大多數銀的生產用於工業用途，但作為一種硬通貨，銀本身具有內在價值。</p>
<p>另一個需要考慮的因素是降息的潛在動機，這通常反映了宏觀不確定性。單獨來看，經濟崩潰對任何資產類別都不是積極的結果。然而，更平常的擔憂可以幫助像銀這樣的資產，因為貴金屬在歷史上一直充當避風港。</p>
<p>不過，必須指出的是，沒有哪個行業能夠免受偶爾的估值衝擊。由於 對人工智能泡沫的擔憂加劇，隨之而來的風險規避環境——在十月末到十一月末之間引發了波動——對黃金和白銀都施加了壓力。</p>
<p>有趣的是，儘管黃金已經回升至之前的高點，銀價卻飆升至前所未有的水平。今天，銀價交易在 65 美元以上，這意味着一盎司銀的價值現在超過了一桶油。這是 45 年來首次出現這種情況。</p>
<p>基於銀市場的供給側動態，牛市仍然對強勁表現充滿信心。特別是，礦業生產在很大程度上未能顯著加速，這主要是由於在上一次商品低迷後多年缺乏投資。此外，新項目面臨較長的前期時間、監管障礙和上升的資本成本，限制了礦業行業對更高價格的快速反應能力。</p>
<p>因此，市場越來越依賴於地面庫存——這一動態已被證明難以維持。隨着銀在電子產品、太陽能基礎設施和下一代技術中扮演着越來越不可或缺的角色，未來幾年供給側的情況可能會變得更加嚴峻。</p>
<p><strong>Sprott ETF：</strong> 儘管許多投資者逐漸認識到銀的機會，但對於新手來説，這可能是一個不透明且難以導航的領域。這時，金融服務提供商和商品專家 <strong>Sprott Inc.</strong> (NYSE: SII) 便進入視野，為資源市場提供目標明確且高效的投資機會。</p>
<p>Sprott 最近推出的一個產品是 <strong>Sprott 銀礦和實物銀 ETF</strong> (NASDAQ: SLVR)。根據其 招募説明書，SLVR 是唯一專注於銀礦和實物銀的交易所交易基金。該基金旨在追蹤納斯達克 Sprott 銀礦指數的總回報表現，扣除費用和開支。</p>
<p>為了實現這一目標，SLVR 將至少 80% 的資產分配給指數成分，包括銀生產商、開發商、勘探者和實物銀持有。該結構旨在提供跨越銀價值鏈的多元化投資，而不僅僅依賴現貨價格。</p>
<p>值得一提的是，銀礦股票通常表現出比基礎金屬更大的波動性。運營風險、成本壓力和司法管轄因素都可能獨立於銀價影響礦工的表現。然而，跨多家公司廣泛投資可能有助於減輕一些特有風險，同時在條件有利時保持上漲參與。</p>
<p><strong>SLVR ETF：</strong> SLVR ETF 於今年一月公開亮相，表現出色，漲幅達到 148%。</p>
<ul>
<li>正如人們所預期的，價格走勢穩固地高於 50 日和 200 日移動平均線，以及 20 日指數移動平均線。</li>
<li>最近的表現相當爆炸性，SLVR 在過去一個月上漲了 25%。不過，公平地説，過去五個交易日大約損失了 9%。</li>
<li>第四季度的交易量明顯增加，這似乎為當前創紀錄的反彈提供了一些支持。</li>
</ul>
<p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/19123717/image-377.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://editorial-assets.benzinga.com/wp-content/uploads/2025/12/19123717/image-377.png"/></p>
<p><em>圖片來源於</em> Shutterstock</p>
<p><em>此帖子包含贊助內容。此內容僅供信息參考，並不構成投資建議。</em></p>

<p>銀價已達到每盎司 65 美元的歷史高點，超越了黃金在投資者中的關注度。Sprott 銀礦和實物銀 ETF（SLVR）提供了對銀礦和實物銀的定向投資，自 1 月上市以來上漲了 148%。儘管近期波動性加大，該 ETF 仍然表現出色，受益於銀的工業需求和供應限制</p>

<p>While the gold market tends to dominate the precious metals discourse, it's silver that is currently consuming investors' attention at this hour. In early October, silver reached a historical threshold, climbing to $50 per ounce and smashing the previous record set in April 2011. At the time, enthusiasm centered on the Federal Reserve and rising wagers of a dovish monetary policy.</p>
<div class="lb-trans"><p>雖然黃金市場往往主導貴金屬的討論，但目前銀市正吸引着投資者的注意。在十月初，銀價達到了歷史高點，攀升至每盎司 50 美元，打破了 2011 年 4 月創下的前紀錄。當時，市場的熱情集中在美聯儲及其日益上升的鴿派貨幣政策預期上。</p>
</div><p>In some ways, the upside narrative featured a touch of cynicism. Mechanically, an interest rate cut implies a lower cost of borrowing, which would effectively reduce the purchasing power of the dollar. All other things being equal, that should raise the value of silver as it's a precious metal with a dualistic nature. Although most of the silver produced is used for industrial purposes, the commodity commands intrinsic value as a form of hard money.</p>
<div class="lb-trans"><p>在某種程度上，樂觀的敍述中帶有一絲憤世嫉俗。從機制上講，降息意味着借貸成本降低，這將有效減少美元的購買力。在其他條件相同的情況下，這應該會提高銀的價值，因為銀是一種具有雙重性質的貴金屬。儘管大多數銀的生產用於工業用途，但作為一種硬通貨，銀本身具有內在價值。</p>
</div><p>Another factor to consider is the underlying motivation for rate cuts, which usually speak to macro uncertainty. By itself, outright economic collapse is not a positive outcome for any asset class. However, more mundane concerns can aid assets like silver, where precious metals have historically acted as safe havens.</p>
<div class="lb-trans"><p>另一個需要考慮的因素是降息的潛在動機，這通常反映了宏觀不確定性。單獨來看，經濟崩潰對任何資產類別都不是積極的結果。然而，更平常的擔憂可以幫助像銀這樣的資產，因為貴金屬在歷史上一直充當避風港。</p>
</div><p>Still, it must be noted that no sector is immune to occasional valuation shocks. Due to rising fears of a bubble brewing in artificial intelligence, the subsequent risk-off environment — which sparked volatility between late October and late November — imposed pressure on both gold and silver.</p>
<div class="lb-trans"><p>不過，必須指出的是，沒有哪個行業能夠免受偶爾的估值衝擊。由於 對人工智能泡沫的擔憂加劇，隨之而來的風險規避環境——在十月末到十一月末之間引發了波動——對黃金和白銀都施加了壓力。</p>
</div><p>Interestingly, while gold has marched back to prior highs, silver has stormed to unprecedented levels. Today, silver is trading above $65, which means that an ounce of silver is now worth more than a barrel of oil. That's the first time such a label could be attached to the white metal in 45 years.</p>
<div class="lb-trans"><p>有趣的是，儘管黃金已經回升至之前的高點，銀價卻飆升至前所未有的水平。今天，銀價交易在 65 美元以上，這意味着一盎司銀的價值現在超過了一桶油。這是 45 年來首次出現這種情況。</p>
</div><p>Based on supply side dynamics of the silver market, the bulls remain confident of robust performance. In particular, mining production has struggled to meaningfully accelerate, largely due to years of underinvestment following the last commodity downturn. Moreover, new projects face long lead times, regulatory hurdles and rising capital costs, limiting the mining industry's ability to respond quickly to higher prices.</p>
<div class="lb-trans"><p>基於銀市場的供給側動態，牛市仍然對強勁表現充滿信心。特別是，礦業生產在很大程度上未能顯著加速，這主要是由於在上一次商品低迷後多年缺乏投資。此外，新項目面臨較長的前期時間、監管障礙和上升的資本成本，限制了礦業行業對更高價格的快速反應能力。</p>
</div><p>As such, the market has increasingly relied on above-ground inventories — a dynamic that has proven difficult to sustain. With silver playing an increasingly indispensable role in electronics, solar energy infrastructure and next-generation technologies, the supply side situation may become even more challenging in the years ahead.</p>
<div class="lb-trans"><p>因此，市場越來越依賴於地面庫存——這一動態已被證明難以維持。隨着銀在電子產品、太陽能基礎設施和下一代技術中扮演着越來越不可或缺的角色，未來幾年供給側的情況可能會變得更加嚴峻。</p>
</div><p><strong>The Sprott ETF:</strong> Although many investors are steadily recognizing the opportunity in silver, it can be an opaque and difficult sector to navigate for newcomers. That's where financial services provider and commodities expert <strong>Sprott Inc.</strong> (NYSE: SII) comes into view, delivering target and efficient exposure to the resource markets.</p>
<div class="lb-trans"><p><strong>Sprott ETF：</strong> 儘管許多投資者逐漸認識到銀的機會，但對於新手來説，這可能是一個不透明且難以導航的領域。這時，金融服務提供商和商品專家 <strong>Sprott Inc.</strong> (NYSE: SII) 便進入視野，為資源市場提供目標明確且高效的投資機會。</p>
</div><p>One of Sprott's more recent launches is the <strong>Sprott Silver Miners &amp; Physical Silver ETF</strong> (NASDAQ: SLVR). According to its prospectus, SLVR is the only exchange-traded fund designed to focus exclusively on silver miners alongside physical silver. The fund seeks to track the total return performance of the Nasdaq Sprott Silver Miners Index, before fees and expenses.</p>
<div class="lb-trans"><p>Sprott 最近推出的一個產品是 <strong>Sprott 銀礦和實物銀 ETF</strong> (NASDAQ: SLVR)。根據其 招募説明書，SLVR 是唯一專注於銀礦和實物銀的交易所交易基金。該基金旨在追蹤納斯達克 Sprott 銀礦指數的總回報表現，扣除費用和開支。</p>
</div><p>To achieve this objective, SLVR allocates at least 80% of its assets to index constituents, which include silver producers, developers, explorers and physical silver holdings. This structure is intended to provide diversified exposure across the silver value chain rather than relying solely on spot prices.</p>
<div class="lb-trans"><p>為了實現這一目標，SLVR 將至少 80% 的資產分配給指數成分，包括銀生產商、開發商、勘探者和實物銀持有。該結構旨在提供跨越銀價值鏈的多元化投資，而不僅僅依賴現貨價格。</p>
</div><p>It's worth mentioning that silver mining equities often exhibit greater volatility than the underlying metal. Operational risks, cost pressures and jurisdictional factors can all influence miner performance independently of silver prices. However, broad exposure across multiple companies may help mitigate some of those idiosyncratic risks while preserving upside participation when conditions are favorable.</p>
<div class="lb-trans"><p>值得一提的是，銀礦股票通常表現出比基礎金屬更大的波動性。運營風險、成本壓力和司法管轄因素都可能獨立於銀價影響礦工的表現。然而，跨多家公司廣泛投資可能有助於減輕一些特有風險，同時在條件有利時保持上漲參與。</p>
</div><p><strong>The SLVR ETF:</strong> Making its public debut in January of this year, the SLVR ETF has been a top performer, gaining 148%.</p>
<div class="lb-trans"><p><strong>SLVR ETF：</strong> SLVR ETF 於今年一月公開亮相，表現出色，漲幅達到 148%。</p>
</div><ul>
<li>As one might expect, the price action stands firmly above the 50- and 200-day moving averages, along with the 20-day exponential moving average.</li>
<li>Recent performance has been quite explosive, with SLVR gaining 25% in the trailing month. To be fair, though, the trailing five sessions has incurred a roughly 9% loss.</li>
<li>Volume levels have noticeably become elevated in the fourth quarter, which would appear to add some support for the current record-breaking rally.</li>
</ul>
<div class="lb-trans"><ul>
<li>正如人們所預期的，價格走勢穩固地高於 50 日和 200 日移動平均線，以及 20 日指數移動平均線。</li>
<li>最近的表現相當爆炸性，SLVR 在過去一個月上漲了 25%。不過，公平地説，過去五個交易日大約損失了 9%。</li>
<li>第四季度的交易量明顯增加，這似乎為當前創紀錄的反彈提供了一些支持。</li>
</ul>
</div><p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/19123717/image-377.png" alt="" original-src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/19123717/image-377.png"/></p>
<p><em>Featured image from</em> Shutterstock</p>
<div class="lb-trans"><p><em>圖片來源於</em> Shutterstock</p>
</div><p><em>This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.</em></p>
<div class="lb-trans"><p><em>此帖子包含贊助內容。此內容僅供信息參考，並不構成投資建議。</em></p>
</div>

白銀的結構性動態使 Sprott 的銀礦 SLVR ETF 成為關注的焦點