Global physical silver inventories are depleting at an alarming rate, drawing significant market attention. Data from major precious metals trading platforms and exchanges—including the London Bullion Market Association (LBMA) and the COMEX division of the New York Mercantile Exchange—show a continuous decline in deliverable silver stocks, with some vaults nearing historic lows. Several factors drive this trend: robust industrial demand, as silver plays a critical role in high-tech sectors such as photovoltaics, electronics, and electric vehicles; surging investment demand, especially amid high inflation and geopolitical tensions, which positions silver as a key hedge against risk; and limited annual production growth coupled with insufficient recycled supply to bridge the gap. This growing supply-demand imbalance not only threatens to push silver prices higher but may also strain the ability of futures markets to fulfill physical deliveries, potentially triggering increased volatility. Experts warn that if inventories continue to fall rapidly, broader market disruptions could follow, warranting close attention from both investors and policymakers.
近期，全球实物白银库存正以惊人的速度减少，引发市场广泛关注。据多家贵金属交易平台和交易所数据显示，包括伦敦金银市场协会（LBMA）和纽约商品交易所（COMEX）在内的主要白银存储机构的可交割库存量持续下滑，部分仓库甚至接近历史低点。这一趋势背后有多重原因：一方面，工业需求持续增长，白银在光伏、电子和新能源汽车等高科技产业中扮演关键角色；另一方面，投资需求激增，尤其是在通胀高企和地缘政治紧张的背景下，投资者将白银视为对冲风险的重要资产。此外，白银的年产量增长有限，而回收供应又难以迅速填补缺口，导致供需失衡加剧。库存枯竭不仅可能推高白银价格，还可能影响期货市场的交割能力，进而引发市场波动。专家警告，若库存继续快速下降，或将触发更广泛的市场连锁反应，值得投资者和政策制定者高度警惕。
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