<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>
<p>貴金屬今天以強勁的姿態結束了這一週，黃金和白銀再次上漲。</p>
<p>黃金期貨上漲 13 美元，達到 4,377 美元，距離昨天短暫飆升時的 4,409 美元高點不遠。</p>
<p><em>(點擊圖片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! Alrs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcdf0e215-24b9-48e0-9790-6718b84eb075_1460x872.png)</p>
<p>但白銀今天的表現更為突出，期貨再次上漲超過 2 美元，達到 67.55 美元。</p>
<p><em>(點擊圖片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! MJK7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabbcc059-b3a7-47e9-842f-bc23154ea878_1822x1092.png)</p>
<p>白銀期貨今天也創下了 67.67 美元的新歷史最高紀錄。</p>
<p>![](https://substackcdn.com/image/fetch/$s_! 32i8!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F317cfc1a-f9a6-4b6c-837c-dfc9aabc5551_594x124.png)</p>
<p>然而，或許與這次上漲同樣重要的是華爾街對白銀的評論。</p>
<p>![](https://substackcdn.com/image/fetch/$s_! Di3x!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36f57430-e3d2-4bcc-b919-297a0d49429f_2362x1528.png)</p>
<p>在黃金和白銀的投資者中，人們普遍將這兩種金屬視為避險資產。然而，在貴金屬圈外，這並不總是如此。最明顯的例子是中央銀行，近年來它們購買黃金的數量創下了紀錄，但大多數情況下並沒有購買白銀。雖然有一些例外（如俄羅斯和沙特阿拉伯），但在貴金屬圈外，這兩種金屬的認知仍然存在差異。</p>
<p>然而，這正是今天看到羅伯特·戈特利布的評論如此引人注目的原因（羅伯特曾是摩根大通的貴金屬董事總經理），他提到白銀現在作為避險資產進入了人們的視野，因為中央銀行繼續從美元中進行多元化投資。</p>
<p>![](https://substackcdn.com/image/fetch/$s_! mrML!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3f11468-860a-48cc-b389-6296e7d36dfb_1070x292.png)</p>
<p>對於長期投資黃金和白銀的投資者來説，白銀作為避險資產的想法並不新鮮。但一個曾在全球最大的華爾街貴金屬銀行高層的公眾人物現在指出這一點，似乎確實具有重要意義。</p>
<p>![](https://substackcdn.com/image/fetch/$s_! Z71p!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F30897fb1-82f5-4526-918f-ad8601a662ef_1064x900.png)</p>
<p>![](https://substackcdn.com/image/fetch/$s_! xPOU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9ff12397-3539-4d4e-b354-c4e5ab53d5c4_1070x350.png)</p>
<p>我仍然認為，政府更可能採取某種措施，將黃金作為貨幣體系中的抵押品，而不是同時使用黃金和白銀。原因之一是，雖然政府可以通過提高黃金的估值來顯著減少債務負擔，但要將白銀的估值提高到足以實現任何債務回收的水平，則需要將白銀價格提高到基本上消除任何工業用途的程度。此外，大多數政府和中央銀行並不擁有任何白銀，因此即使它們重新估值，也無法像黃金那樣直接受益。</p>
<p>然而，這並不意味着政府或中央銀行不會將白銀視為重要資源或良好投資。顯然，我們已經看到美國將白銀重新分類為戰略關鍵礦物，正如我們能夠在倫敦在去年十月遭遇短缺之前很久就強調白銀供應問題一樣，白銀的投資案例並不複雜，以至於成熟的投資者和中央銀行無法將其聯繫起來。</p>
<p>我上週提到，有傳言稱一位大型投資者正在要求實物交割白銀，我的猜測是，無論這個傳言是否準確，我們將繼續看到類似的事情，特別是在上漲持續的情況下。肯定會有一些沒有根據的猜測混雜其中，但我會繼續檢查和驗證我能得到的信息，因為這仍然是白銀市場的一個致命弱點。</p>
<p>所以，儘管今年的樂趣無窮，但在未來幾個月和幾年裏，我們仍將有很多事情讓我們着迷。但最重要的是，我希望你們享受這一週在貴金屬市場的特別時刻，並準備好與家人和所愛的人一起度過一個安全而美好的假期季節。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>印度養老金改革為黃金和白銀帶來巨大推動</p>
<p>白銀再次飆升，現在每盎司超過 64 美元</p>
<p>如果白銀突破 60 美元，特朗普的接任者會發生什麼？</p>

<p>華爾街越來越認識到白銀作為避險資產的重要性，白銀期貨價格達到 67.67 美元的歷史新高。前摩根大通董事羅伯特·戈特利布強調，隨着各國央行逐漸減少對美元的依賴，白銀的重要性日益增長。儘管各國政府在債務管理中更傾向於黃金，但白銀的戰略價值也得到了認可，市場上有傳言稱大型投資者正在尋求實物交割。白銀的投資案例依然強勁，受到精明投資者和央行的持續關注</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><p>The precious metals finished out the week on a strong note today as both gold and silver have rallied again.</p>
<div class="lb-trans"><p>貴金屬今天以強勁的姿態結束了這一週，黃金和白銀再次上漲。</p>
</div><p>The gold futures are up $13 to $4,377, not far off from the $4,409 high set during a brief spike yesterday.</p>
<div class="lb-trans"><p>黃金期貨上漲 13 美元，達到 4,377 美元，距離昨天短暫飆升時的 4,409 美元高點不遠。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!Alrs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcdf0e215-24b9-48e0-9790-6718b84eb075_1460x872.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!Alrs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcdf0e215-24b9-48e0-9790-6718b84eb075_1460x872.png"/></p>
<p>But silver is having the really big day, with the futures once again up more than $2 to $67.55.</p>
<div class="lb-trans"><p>但白銀今天的表現更為突出，期貨再次上漲超過 2 美元，達到 67.55 美元。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!MJK7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabbcc059-b3a7-47e9-842f-bc23154ea878_1822x1092.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!MJK7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fabbcc059-b3a7-47e9-842f-bc23154ea878_1822x1092.png"/></p>
<p>The silver futures also set another new all-time record high today at $67.67.</p>
<div class="lb-trans"><p>白銀期貨今天也創下了 67.67 美元的新歷史最高紀錄。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!32i8!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F317cfc1a-f9a6-4b6c-837c-dfc9aabc5551_594x124.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!32i8!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F317cfc1a-f9a6-4b6c-837c-dfc9aabc5551_594x124.png"/></p>
<p>Yet perhaps just as significant as the latest leg of this rally is some of the commentary that’s coming out of Wall Street about silver.</p>
<div class="lb-trans"><p>然而，或許與這次上漲同樣重要的是華爾街對白銀的評論。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!Di3x!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36f57430-e3d2-4bcc-b919-297a0d49429f_2362x1528.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!Di3x!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F36f57430-e3d2-4bcc-b919-297a0d49429f_2362x1528.png"/></p>
<p>Within the gold and silver community, I think it’s somewhat common for people to look at both metals as safe-haven assets. Although outside of the precious metals community, that’s not necessarily always the case. Perhaps the most poignant example being the central banks, where they’ve set records for the amount of gold they’ve purchased over the last few years, but for the most part have not been buying silver. There have been some deviations to that (with Russia and Saudi Arabia coming to mind), yet outside of precious metals circles, there’s still a difference in perception among the two metals.</p>
<div class="lb-trans"><p>在黃金和白銀的投資者中，人們普遍將這兩種金屬視為避險資產。然而，在貴金屬圈外，這並不總是如此。最明顯的例子是中央銀行，近年來它們購買黃金的數量創下了紀錄，但大多數情況下並沒有購買白銀。雖然有一些例外（如俄羅斯和沙特阿拉伯），但在貴金屬圈外，這兩種金屬的認知仍然存在差異。</p>
</div><p>However, that’s what made it so fascinating to see Robert Gottlieb’s commentary today (Robert was a former precious metals managing director at JP Morgan), where he mentions that silver is now on the radar as a safe-haven asset as Central Banks continue to diversify out of U.S. dollars.</p>
<div class="lb-trans"><p>然而，這正是今天看到羅伯特·戈特利布的評論如此引人注目的原因（羅伯特曾是摩根大通的貴金屬董事總經理），他提到白銀現在作為避險資產進入了人們的視野，因為中央銀行繼續從美元中進行多元化投資。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!mrML!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3f11468-860a-48cc-b389-6296e7d36dfb_1070x292.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!mrML!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3f11468-860a-48cc-b389-6296e7d36dfb_1070x292.png"/></p>
<p>Again, for long-time gold and silver investors, the idea of silver as a safe-haven doesn’t come as a new development. But that a public figure, who used to be in the upper levels of the world’s largest Wall Street bullion bank is pointing it out now does seem significant.</p>
<div class="lb-trans"><p>對於長期投資黃金和白銀的投資者來説，白銀作為避險資產的想法並不新鮮。但一個曾在全球最大的華爾街貴金屬銀行高層的公眾人物現在指出這一點，似乎確實具有重要意義。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!Z71p!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F30897fb1-82f5-4526-918f-ad8601a662ef_1064x900.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!Z71p!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F30897fb1-82f5-4526-918f-ad8601a662ef_1064x900.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!xPOU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9ff12397-3539-4d4e-b354-c4e5ab53d5c4_1070x350.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!xPOU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9ff12397-3539-4d4e-b354-c4e5ab53d5c4_1070x350.png"/></p>
<p>There are reasons that I still think it’s more likely for governments to make some sort of move towards using gold as collateral in the monetary system rather than using gold AND silver. Two of them being that while the governments can make a significant dent in their debt loads by revaluing gold higher, to revalue silver high enough to be able to achieve any debt repatriation would require taking silver to a price that would basically eliminate any industrial usage. Also, most of the governments and central banks don’t own any silver, so even if they revalued it, they wouldn’t get to directly benefit from that in the same way they would with gold.</p>
<div class="lb-trans"><p>我仍然認為，政府更可能採取某種措施，將黃金作為貨幣體系中的抵押品，而不是同時使用黃金和白銀。原因之一是，雖然政府可以通過提高黃金的估值來顯著減少債務負擔，但要將白銀的估值提高到足以實現任何債務回收的水平，則需要將白銀價格提高到基本上消除任何工業用途的程度。此外，大多數政府和中央銀行並不擁有任何白銀，因此即使它們重新估值，也無法像黃金那樣直接受益。</p>
</div><p>Yet that doesn’t mean that a government or central bank may not look at silver as an important resource, or just a good investment. Obviously, we’ve already seen the US reclassify silver as a strategic critical mineral, and in the same way we were able to highlight the silver supply issues long before London got rocked by a shortage this past October, the investment case for silver isn’t all that complex that sophisticated investors and central banks can’t put two and two together.</p>
<div class="lb-trans"><p>然而，這並不意味着政府或中央銀行不會將白銀視為重要資源或良好投資。顯然，我們已經看到美國將白銀重新分類為戰略關鍵礦物，正如我們能夠在倫敦在去年十月遭遇短缺之前很久就強調白銀供應問題一樣，白銀的投資案例並不複雜，以至於成熟的投資者和中央銀行無法將其聯繫起來。</p>
</div><p>I mentioned last week that there have been rumors circulating that a large investor has been standing for physical delivery of silver, and my guess is that, accurate or not, we will continue to see things like that float around, especially should the rally continue. There will definitely be unsubstantiated speculation mixed in, but I’ll continue to check and verify what I can, as this does remain an Achilles of the silver market.</p>
<div class="lb-trans"><p>我上週提到，有傳言稱一位大型投資者正在要求實物交割白銀，我的猜測是，無論這個傳言是否準確，我們將繼續看到類似的事情，特別是在上漲持續的情況下。肯定會有一些沒有根據的猜測混雜其中，但我會繼續檢查和驗證我能得到的信息，因為這仍然是白銀市場的一個致命弱點。</p>
</div><p>So as much fun as this year has been, there will be plenty to keep us all fascinated in the months and years ahead. But most importantly, I do just hope you enjoyed yet another truly special week in the precious metals markets, and are getting set to have a safe and wonderful holiday season with your family and those you love.</p>
<div class="lb-trans"><p>所以，儘管今年的樂趣無窮，但在未來幾個月和幾年裏，我們仍將有很多事情讓我們着迷。但最重要的是，我希望你們享受這一週在貴金屬市場的特別時刻，並準備好與家人和所愛的人一起度過一個安全而美好的假期季節。</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>Gold And Silver Get Big Boost From New Pension Change In India</p>
<div class="lb-trans"><p>印度養老金改革為黃金和白銀帶來巨大推動</p>
</div><p>Silver Soars Again, Now Over $64 Per Ounce</p>
<div class="lb-trans"><p>白銀再次飆升，現在每盎司超過 64 美元</p>
</div><p>If Silver Broke $60 For Today's Rate Cut, What Happens When Trump's Pick Takes Over?</p>
<div class="lb-trans"><p>如果白銀突破 60 美元，特朗普的接任者會發生什麼？</p>
</div>

甚至華爾街也開始承認白銀是 ‘避險資產’