为何白银涨幅甚至超过黄金

Why Silver Has Been Surging EvenMore Than Gold 为何⽩银涨幅甚⾄超过⻩⾦ ⼀公⽄银条。摄影：Akos Stiller/Bloomberg ByS'thembile Cele作者：S'thembile CeleOctober 14, 2025 at 4:02 PM GMT+8 BPC > disable Dark Reader or enableJavaScript for site BPC >禁⽤Dark Reader或为⽹站启⽤JavaScript Gold has staged a dramatic rally this year as Russia’s warin Ukraine and the US Trump administration’sunorthodox economic policies sent investors and centralbanks reaching for safe-haven assets. Right now,however, it’s silver that’s stealing the spotlight. 随着俄罗斯在乌克兰的战争和美国特朗普政府的不寻常经济政策促使投资者和央⾏纷纷寻求避险资产，黄⾦今年已上演了戏剧性反弹。然⽽，⽬前抢⾛风头的却是⽩银。 A squeeze in supply of the precious metal has catapultedit to a 70% gain on the London market this year,compared with a 55% increase for gold as of mid-October. Both have been experiencing a surge indemand from investors, who value their price stabilitythrough periods of political turbulence, inflation andcurrency weakness. 贵⾦属供应紧缩使其在伦敦市场今年上涨了70%，⽽截⾄⼗⽉中旬，黄⾦上涨了55%。在政治动荡、通胀和货币⾛弱时期，投资者对⼆者的需求都在激增，因为它们在价格上的稳定性受到重视。 Unlike gold, silver isn’t just scarce and beautiful: It alsohas useful real-world properties that make it a valuablecomponent in a range of products. With inventories attheir lowest in years and investors still scrambling for more, there’s a risk of supply shortages that couldimpact multiple industries. 与黄⾦不同，⽩银不仅稀缺且美观：它还具有许多有⽤的现实世界特性，使其成为多种产品中的重要组成部分。随着库存降⾄多年低点且投资者仍在争相囤积，可能出现影响多个⾏业的供应短缺风险。 Who needs silver?谁需要⽩银？ Political and fiscal uncertainty this year in majoreconomies including the US, France and Japan is puttingpressure on their currencies, and investors have beenhedging their exposure to US dollars, euros and yen byacquiring assets like gold and silver in what’s beentermed the“debasement trade.” 包括美国、法国和⽇本在内的主要经济体今年的政治和财政不确定性正在给其货币带来压⼒，投资者⼀直通过买⼊黄⾦和⽩银等资产来对冲其对美元、欧元和⽇元的敞⼜，这被称为“贬值交易”。 Silver is an excellent electrical conductor that’s used incircuit boards and switches, electric vehicles, batteriesand solar panels. It’s also used in coatings for medicaldevices. And like gold, it’s still a popular ingredient formaking jewelry and coins. As a tradable asset, it’scheaper than gold per ounce, making it more accessibleto retail investors, and its price tends to move more sharply during precious metal rallies. ⽩银是⼀种优良的电导体，⽤于电路板和开关、电动汽车、电池和太阳能电池板。它也⽤于医疗器械的涂层。像黄⾦⼀样，它仍然是制作珠宝和硬币的流⾏材料。作为⼀种可交易资产，它每盎司⽐黄⾦便宜，使零售投资者更易接触，⽽且在贵⾦属上涨期间其价格往往波动更剧烈。 China and India remain the top buyers of silver, thanksto their vast industrial bases, large populations and theimportant role that silver jewelry continues to play as astore of value passed down the generations. 中国和印度依然是⽩银的最⼤买家，这得益于它们庞⼤的⼯业基础、众多⼈群以及⽩银⾸饰作为代代相传的价值储藏⼿段所继续扮演的重要⾓⾊。 Governments and mints also consume large quantities ofsilver to produce bullion coins and other products. 各国政府和造币⼚也消耗⼤量⽩银⽤于⽣产⾦银条币及其他产品。 Precious Metals Soar贵⾦属飙升 数据已按2024年12⽉31⽇的百分⽐升值进⾏标准化。 What makes the silver market unique? 是什么让⽩银市场与众不同？ Silver’s varied uses mean its market price is influencedby a wide array of events including shifts inmanufacturing cycles and interest rates and evenrenewable energy policy. When the global economyaccelerates, industrial demand tends to push silverhigher. When recessions loom, investors often step in asalternative buyers. ⽩银⽤途多样，这意味着其市场价格受多种事件影响，包括制造业周期和利率变化，甚⾄可再⽣能源政策。当全球经济加速时，⼯业需求往往推动⽩银价格上涨；当衰退临近时，投资者常常作为替代买家介⼊。 By continuing, I agree to thePrivacy PolicyandTerms of Service. 继续即表示我同意《隐私政策》和《服务条款》。 The market is thinner than with gold. Daily turnover issmaller, inventories are tighter and liquidity canevaporate quickly. That isn’t because there is less silverthan gold available for trading. In fact, it’s the opposite:There are about 790 million ounces of silver in vaultsoverseen by the London Bullion Market Association,compared with 284 million ounces of gold. But silver isfar less valuable per weight. The silver stored in Londonis worth about $40 billion, while the gold is worth $1.1trillion. ⽩银市场⽐黄⾦更薄弱。⽇交易量更⼩，库存更紧张，流动性可能迅速蒸发。这并不是因为可供交易的⽩银⽐黄⾦少。事实上情况恰好相反：由伦敦⾦银市场协会监管的⾦库中约有7.9亿盎司⽩银，⽽黄⾦约有2.84亿盎司。但按重量计⽩银的价值远低于黄⾦。存放在伦敦的⽩银价值约为400亿美元，⽽黄⾦价值约为1.1万亿美元。 What drove the latest silver squeeze?是什么引发了最新⼀轮的⽩银挤压？ LBMA data show silver inventories in London — thebackbone of the global trade — have dropped by roughlya third since mid-2021, leaving less metal available forlending or delivery. Global demand for silver has outpaced the output from mines for four consecutiveyears, eroding the supply buffer once held in London.Meanwhile, silver-backed exchange-traded funds havedrawn in new investment, forcing custodians to securephysical bars just as available supply was dwindling. LBMA数据显⽰，作为全球贸易核⼼的伦敦⽩银库存⾃2021年中以来已减少约三分之⼀，导致可⽤于借贷或交割的⾦属减少。全球对⽩银的需求已连续四年超过矿⼭产出，侵蚀了曾在伦敦持有的供应缓冲。同时，⽩银⽀持的交易所交易基⾦吸引了新资⾦，迫使托管⽅在可⽤供应正⽇益减少之际去获取实物银条。 A proposed US tariff on certain imported metals earlierthis year added fuel to the fire, spurring speculativebuying and depleting inventories even further. Spotprices in London are trading at multi-year premiums tofutures in New York. 今年早些时候美国对某些进⼜⾦属提议征收关税，⽕上加油，刺激了投机