<p>經濟學家 <strong>彼得·希夫</strong> 指出，銀價飆升與市場對主要銀礦股票反應之間存在明顯脱節。</p>
<h2>這些股票 “應該在 12 月翻倍”</h2>
<p>週二，在 X 平台上發佈的一系列帖子中，長期倡導硬資產和貴金屬的希夫指出，儘管銀價在 12 月上漲了 35%，由 <strong>iShares Silver Trust</strong> 追蹤的銀價 (NYSE: SLV)，但追蹤主要銀礦的 <strong>Global X Silver Miners ETF</strong> (NYSE: SIL) 僅上漲了 11%。</p>
<p>“投資者處於否認狀態，” 希夫説，同時指出週二早上銀價又上漲了 4 美元，而礦業公司尚未捕捉到這一波動。</p>
<p><strong>另見： 為什麼投資者需要關注銀價走勢</strong></p>
<p>希夫表示，銀礦股票通常提供對基礎金屬的槓桿暴露，而在如此劇烈的反彈面前，它們的表現乏善可陳令人困惑。他説：“考慮到這一波動，銀股票在這個月應該翻倍。”</p>
<blockquote>
<p>股票投資者處於否認狀態。今天早上銀價上漲了 4 美元，僅在 12 月就上漲了超過 35%。然而，$SIL 這隻銀股票 ETF 本月僅上漲了 11%。銀股票對銀價高度槓桿化。考慮到這一波動，銀股票在 12 月應該翻倍。</p>
<p>— 彼得·希夫 (@PeterSchiff) 2025 年 12 月 30 日</p>
</blockquote>
<p>銀價在週一經歷了 急劇回落，抹去了週五大部分的漲幅。然而，希夫表示，真正的過度反應發生在股票市場。</p>
<p>儘管商品仍然 “比前一週的收盤價高出約 10%”，希夫指出，銀礦股票卻抹去了上週的所有漲幅，儘管它們 “週五幾乎沒有上漲”。</p>
<p>根據希夫的説法，這種不匹配為投資者提供了一個有吸引力的機會。他説：“在經歷了 14% 的銀價修正後，銀股票現在更值得購買。”</p>
<blockquote>
<p>今天銀價下跌了 9%，抹去了週五的大部分漲幅。然而，銀股票在週五幾乎沒有上漲的情況下，已經失去了上週的所有漲幅，儘管銀價比前一週的收盤價高出約 10%。在經歷了 14% 的銀價修正後，銀股票現在更值得購買。</p>
<p>— 彼得·希夫 (@PeterSchiff) 2025 年 12 月 29 日</p>
</blockquote>
<h2>礦業股票、ETF 未能跟上銀價的反彈</h2>
<p>儘管銀價歷史性飆升，領先的銀礦股票、小型礦商和 ETF 的表現卻顯著低於預期，儘管該金屬錄得自 1970 年代末以來最強勁的月度反彈，並且年初至今上漲了 154.57%。</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>股票 / ETF</strong></td>
<td><strong>年初至今表現</strong></td>
<td><strong>本月表現</strong></td>
</tr>
<tr>
<td><strong>Wheaton Precious Metals Corp.</strong> (NYSE: WPM)</td>
<td>+104.72%</td>
<td>+8.09%</td>
</tr>
<tr>
<td><strong>Americas Gold And Silver Corp.</strong> (NYSE: USAS)</td>
<td>+444.90%</td>
<td>+13.14%</td>
</tr>
<tr>
<td><strong>Coeur Mining Inc.</strong> (NYSE: CDE)</td>
<td>+191.77%</td>
<td>+6.66%</td>
</tr>
<tr>
<td><strong>Aya Gold &amp; Silver Inc.</strong> (OTC: AYASF)</td>
<td>+89.60%</td>
<td>+7.42%</td>
</tr>
<tr>
<td><strong>New Pacific Metals Corp.</strong> (NYSE: NEWP)</td>
<td>+181.75%</td>
<td>+24.56%</td>
</tr>
<tr>
<td><strong>Pan American Silver Corp.</strong> (NYSE: PAAS)</td>
<td>+146.56%</td>
<td>+14.34%</td>
</tr>
<tr>
<td><strong>First Majestic Silver Corp.</strong> (NYSE: AG)</td>
<td>+170.08%</td>
<td>+6.76%</td>
</tr>
<tr>
<td><strong>iShares MSCI Global Silver and Metals Miners ETF</strong> (BATS: SLVP)</td>
<td>+186.05%</td>
<td>+8.80%</td>
</tr>
<tr>
<td><strong>Amplify Junior Silver Miners ETF</strong> (NYSE: SILJ)</td>
<td>+167.40%</td>
<td>+7.86%</td>
</tr>
<tr>
<td><strong>Global X Silver Miners ETF</strong></td>
<td>+158.18%</td>
<td>+9.53%</td>
</tr>
</tbody>
</table>
<p>週二銀價飆升超過 6%，達到每盎司 76 美元，而週三早晨目前下跌 1.44%，報每盎司 75.13 美元。</p>
<p>Global X Silver Miners ETF 在週二上漲了 1.38%，收於 85.51 美元，隔夜上漲 0.57%。該基金在 <strong>Benzinga 的邊緣股票排名</strong> 中得分很高，短期、中期和長期的價格趨勢均表現良好。點擊 這裏 獲取有關該基金、其同行和競爭對手的深入見解。</p>
<p></p>
<p><em>照片來源：Tamer A Soliman，來自 Shutterstock.com</em></p>
<p><strong>閲讀更多：</strong></p>
<ul>
<li><strong>First Majestic Silver 股票回落：發生了什麼？</strong></li>
</ul>

<p>經濟學家彼得·希夫強調了白銀價格上漲與白銀礦業股票表現之間的脱節。儘管白銀在 12 月份飆升了 35%，但全球 X 白銀礦業 ETF 僅上漲了 11%。希夫認為，考慮到金屬價格的上漲，白銀股票的價值應該翻倍。他建議，礦業股票的表現不佳提供了一個買入機會，尤其是在白銀價格最近回調之後。年初至今，白銀價格上漲了 154.57%，然而礦業股票的表現卻顯著滯後</p>

<p>Economist <strong>Peter Schiff</strong> is calling out the glaring disconnect between the surging price of silver and the market’s reaction to key silver mining stocks.</p>
<div class="lb-trans"><p>經濟學家 <strong>彼得·希夫</strong> 指出，銀價飆升與市場對主要銀礦股票反應之間存在明顯脱節。</p>
</div><h2>These Stocks ‘Should Have Doubled’ In December</h2>
<div class="lb-trans"><h2>這些股票 “應該在 12 月翻倍”</h2>
</div><p>On Tuesday, in a series of posts on X, Schiff, a long-time advocate of hard assets and precious metals, pointed out that while silver, tracked by the <strong>iShares Silver Trust</strong> (NYSE: SLV) surged 35% in December, the <strong>Global X Silver Miners ETF</strong> (NYSE: SIL), which tracks prominent silver miners, is up just 11%.</p>
<div class="lb-trans"><p>週二，在 X 平台上發佈的一系列帖子中，長期倡導硬資產和貴金屬的希夫指出，儘管銀價在 12 月上漲了 35%，由 <strong>iShares Silver Trust</strong> 追蹤的銀價 (NYSE: SLV)，但追蹤主要銀礦的 <strong>Global X Silver Miners ETF</strong> (NYSE: SIL) 僅上漲了 11%。</p>
</div><p>“Investors are in denial,” Schiff said, while noting that Silver prices were up by another $4 on Tuesday morning, with miners yet to capture this move.</p>
<div class="lb-trans"><p>“投資者處於否認狀態，” 希夫説，同時指出週二早上銀價又上漲了 4 美元，而礦業公司尚未捕捉到這一波動。</p>
</div><p><strong>See Also: Why Investors Need To Pay Attention To Silver Price Action</strong></p>
<div class="lb-trans"><p><strong>另見： 為什麼投資者需要關注銀價走勢</strong></p>
</div><p>Schiff said that silver miners typically offer leveraged exposure to the underlying metal, and their lackluster performance in the face of such a sharp rally is puzzling. “Given that move, silver stocks should have doubled” over the course of this month, he said.</p>
<div class="lb-trans"><p>希夫表示，銀礦股票通常提供對基礎金屬的槓桿暴露，而在如此劇烈的反彈面前，它們的表現乏善可陳令人困惑。他説：“考慮到這一波動，銀股票在這個月應該翻倍。”</p>
</div><blockquote>
<p>Stock investors are in denial. Silver is up $4 this morning and is now up over 35% so far in December alone. Yet $SIL, a silver stock ETF, is up just 11% this month. Silver stocks are highly leveraged to the silver price. Given that move, silver stocks should have doubled in Dec.</p>
<p>— Peter Schiff (@PeterSchiff) December 30, 2025</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>股票投資者處於否認狀態。今天早上銀價上漲了 4 美元，僅在 12 月就上漲了超過 35%。然而，$SIL 這隻銀股票 ETF 本月僅上漲了 11%。銀股票對銀價高度槓桿化。考慮到這一波動，銀股票在 12 月應該翻倍。</p>
<p>— 彼得·希夫 (@PeterSchiff) 2025 年 12 月 30 日</p>
</blockquote>
</div><p>Silver prices experienced a steep reversal on Monday, erasing most of Friday’s gains. However, according to Schiff, the real overreaction was in the equities market.</p>
<div class="lb-trans"><p>銀價在週一經歷了 急劇回落，抹去了週五大部分的漲幅。然而，希夫表示，真正的過度反應發生在股票市場。</p>
</div><p>Even though the commodity was still “about 10% above the prior week's close,” Schiff noted that silver mining stocks gave up all of last week's gains, even though they “barely rose on Friday” to begin with.</p>
<div class="lb-trans"><p>儘管商品仍然 “比前一週的收盤價高出約 10%”，希夫指出，銀礦股票卻抹去了上週的所有漲幅，儘管它們 “週五幾乎沒有上漲”。</p>
</div><p>According to Schiff, this mismatch presents an attractive opportunity for investors. “Following a 14% silver correction, silver stocks are even better buys now,” he said.</p>
<div class="lb-trans"><p>根據希夫的説法，這種不匹配為投資者提供了一個有吸引力的機會。他説：“在經歷了 14% 的銀價修正後，銀股票現在更值得購買。”</p>
</div><blockquote>
<p>Silver is down 9% today, giving up most of Friday's gains. Yet silver stocks, which barely rose on Friday, have lost all of last week's gains, despite silver being about 10% above the prior week's close. Following a 14% silver correction, silver stocks are even better buys now.</p>
<p>— Peter Schiff (@PeterSchiff) December 29, 2025</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>今天銀價下跌了 9%，抹去了週五的大部分漲幅。然而，銀股票在週五幾乎沒有上漲的情況下，已經失去了上週的所有漲幅，儘管銀價比前一週的收盤價高出約 10%。在經歷了 14% 的銀價修正後，銀股票現在更值得購買。</p>
<p>— 彼得·希夫 (@PeterSchiff) 2025 年 12 月 29 日</p>
</blockquote>
</div><h2>Mining Stocks, ETFs Fail To Keep Up With Silver’s Rally</h2>
<div class="lb-trans"><h2>礦業股票、ETF 未能跟上銀價的反彈</h2>
</div><p>Despite a historic surge in silver prices, leading silver mining stocks, junior miners, and ETFs have significantly underperformed, even as the metal notched its strongest monthly rally since the late 1970s, and is up 154.57% year-to-date.</p>
<div class="lb-trans"><p>儘管銀價歷史性飆升，領先的銀礦股票、小型礦商和 ETF 的表現卻顯著低於預期，儘管該金屬錄得自 1970 年代末以來最強勁的月度反彈，並且年初至今上漲了 154.57%。</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Stocks / ETFs</strong></td>
<td><strong>Year-To-Date Performance</strong></td>
<td><strong>Month-To-Date Performance</strong></td>
</tr>
<tr>
<td><strong>Wheaton Precious Metals Corp.</strong> (NYSE: WPM)</td>
<td>+104.72%</td>
<td>+8.09%</td>
</tr>
<tr>
<td><strong>Americas Gold And Silver Corp.</strong> (NYSE: USAS)</td>
<td>+444.90%</td>
<td>+13.14%</td>
</tr>
<tr>
<td><strong>Coeur Mining Inc.</strong> (NYSE: CDE)</td>
<td>+191.77%</td>
<td>+6.66%</td>
</tr>
<tr>
<td><strong>Aya Gold &amp; Silver Inc.</strong> (OTC: AYASF)</td>
<td>+89.60%</td>
<td>+7.42%</td>
</tr>
<tr>
<td><strong>New Pacific Metals Corp.</strong> (NYSE: NEWP)</td>
<td>+181.75%</td>
<td>+24.56%</td>
</tr>
<tr>
<td><strong>Pan American Silver Corp.</strong> (NYSE: PAAS)</td>
<td>+146.56%</td>
<td>+14.34%</td>
</tr>
<tr>
<td><strong>First Majestic Silver Corp.</strong> (NYSE: AG)</td>
<td>+170.08%</td>
<td>+6.76%</td>
</tr>
<tr>
<td><strong>iShares MSCI Global Silver and Metals Miners ETF</strong> (BATS: SLVP)</td>
<td>+186.05%</td>
<td>+8.80%</td>
</tr>
<tr>
<td><strong>Amplify Junior Silver Miners ETF</strong> (NYSE: SILJ)</td>
<td>+167.40%</td>
<td>+7.86%</td>
</tr>
<tr>
<td><strong>Global X Silver Miners ETF</strong></td>
<td>+158.18%</td>
<td>+9.53%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>股票 / ETF</strong></td>
<td><strong>年初至今表現</strong></td>
<td><strong>本月表現</strong></td>
</tr>
<tr>
<td><strong>Wheaton Precious Metals Corp.</strong> (NYSE: WPM)</td>
<td>+104.72%</td>
<td>+8.09%</td>
</tr>
<tr>
<td><strong>Americas Gold And Silver Corp.</strong> (NYSE: USAS)</td>
<td>+444.90%</td>
<td>+13.14%</td>
</tr>
<tr>
<td><strong>Coeur Mining Inc.</strong> (NYSE: CDE)</td>
<td>+191.77%</td>
<td>+6.66%</td>
</tr>
<tr>
<td><strong>Aya Gold &amp; Silver Inc.</strong> (OTC: AYASF)</td>
<td>+89.60%</td>
<td>+7.42%</td>
</tr>
<tr>
<td><strong>New Pacific Metals Corp.</strong> (NYSE: NEWP)</td>
<td>+181.75%</td>
<td>+24.56%</td>
</tr>
<tr>
<td><strong>Pan American Silver Corp.</strong> (NYSE: PAAS)</td>
<td>+146.56%</td>
<td>+14.34%</td>
</tr>
<tr>
<td><strong>First Majestic Silver Corp.</strong> (NYSE: AG)</td>
<td>+170.08%</td>
<td>+6.76%</td>
</tr>
<tr>
<td><strong>iShares MSCI Global Silver and Metals Miners ETF</strong> (BATS: SLVP)</td>
<td>+186.05%</td>
<td>+8.80%</td>
</tr>
<tr>
<td><strong>Amplify Junior Silver Miners ETF</strong> (NYSE: SILJ)</td>
<td>+167.40%</td>
<td>+7.86%</td>
</tr>
<tr>
<td><strong>Global X Silver Miners ETF</strong></td>
<td>+158.18%</td>
<td>+9.53%</td>
</tr>
</tbody>
</table>
</div><p>Silver prices soared by over 6% to $76 per ounce on Tuesday, and are currently down 1.44% on Wednesday early morning, at $75.13 per ounce.</p>
<div class="lb-trans"><p>週二銀價飆升超過 6%，達到每盎司 76 美元，而週三早晨目前下跌 1.44%，報每盎司 75.13 美元。</p>
</div><p>The Global X Silver Miners ETF was up 1.38% on Tuesday, closing at $85.51, and is up 0.57% overnight. The fund scores high on Momentum in <strong>Benzinga’s Edge Stock Rankings</strong>, with a favorable price trend in the short, medium and long terms. Click here for deeper insights into the fund, its peers and competitors.</p>
<div class="lb-trans"><p>Global X Silver Miners ETF 在週二上漲了 1.38%，收於 85.51 美元，隔夜上漲 0.57%。該基金在 <strong>Benzinga 的邊緣股票排名</strong> 中得分很高，短期、中期和長期的價格趨勢均表現良好。點擊 這裏 獲取有關該基金、其同行和競爭對手的深入見解。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p><em>Photo Courtesy: Tamer A Soliman on Shutterstock.com</em></p>
<div class="lb-trans"><p><em>照片來源：Tamer A Soliman，來自 Shutterstock.com</em></p>
</div><p><strong>Read More:</strong></p>
<div class="lb-trans"><p><strong>閲讀更多：</strong></p>
</div><ul>
<li><strong>First Majestic Silver Stock Retreats: What’s Going On?</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>First Majestic Silver 股票回落：發生了什麼？</strong></li>
</ul>
</div>

彼得·希夫表示，隨着礦業股持續表現不佳，白銀投資者正處於 “否認” 狀態：“本應在 12 月翻倍”