世界白银协会：2025白银市场趋势报告：白银现货的价格敏感性（英文版）（33页）.pdf

1、 1 Market Trend Report Price Sensitivity of Above-Ground Silver Stocks February 2025 Conducted By:Precious Metals Insights 2 Table of Contents 1.Introduction and Summary 3 2.Above-Ground Silver Stocks 5 2.1.Fabricated Products 8 2.1.1.Industrial 9 2.1.2.Photographic 10 2.1.3.Silverware&Jewelry 10 2.

2、2.Bullion 12 3.Analysis of Price Sensitivity of Above-Ground Stocks 15 3.1.Total Above-Ground Stocks 15 3.2.Fabricated Products 18 3.2.1.Scrap Recycling 22 3.3.Bullion 26 3.3.1.Government 28 3.3.2.Private Sector 29 3.3.3.Exchange Traded Products 31 3 1.Introduction and Summary Silver is a rare,preci

3、ous metal with a high intrinsic value.This explains its historical role as money and its continuing relevance as an investment asset.Scarcity,coupled with the metals singular brightness has also given it a distinct place among materials used for jewelry and the decorative arts.And,since the industri

4、al age,silver has become increasingly important as a commodity,its special characteristics making it essential for many industrial applications and,until relatively recently,indispensable for photography.The scarcity and high value of silver means there has always been a powerful incentive to safeke

5、ep and hoard the metal in its purer and weightier forms,such as coins,bars,silverware and,to a lesser extent,jewelry.For other fabricated products,the silver contained may also mean that they have some inherent value related to the precious metal content.In other cases,the amount of silver in fabric

6、ated products may be economically of little or zero relevance.When it comes to these items the silver consumed can be considered“lost.”The practical division between“lost”and potentially“available”silver in fabricated products will usually be determined by the prevailing silver price,although govern