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原文標題：
Retail investors steer record amount cash into silver, creating crowded trade
原文連結：https://tinyurl.com/mrycycxe
發布時間：January 16, 2026 6:35 AM GMT+8Updated 1 hour ago
記者署名：By Suzanne McGee
原文內容：

Jan 15 (Reuters) - Individual investors have been snapping up silver at such a
 pace it has turned into the most crowded commodity trade in the market,
according to a report published on Thursday by Vanda Research.
（路透，1月15日）根據Vanda Research於週四發布的報告指出，散戶投資人以極快的速
度搶購白銀，使其成為目前市場上最「擁擠」的商品交易標的。

Vanda calculated that in the last 30 days alone, individual investors have
snapped up $921.8 million of exchange-traded funds underpinned by silver such
as the iShares Silver Trust (SLV.P). The iShares ETF recorded $69.2 million in
 retail inflows on Wednesday, marking the largest day of retail buying second
only to 2021, when retail investors last drove prices skyward.


The ETF is up 31.3% so far this year and has soared 210.9% in the last 12
months. Silver has set a series of new highs. On Thursday, silver prices
traded at $91.90 an ounce late in the afternoon, up from $72.62 on the first
 trading year, but below the record of more than $93 intraday Wednesday and
Thursday, according to data from LSEG.


Meanwhile, the MSCI ACWI Select Silver Miners Investable Index, which tracks
stock prices of mining companies with shares particularly exposed to changes
in the price of the metal, has soared some 225% in the last 12 months.
同時，MSCI ACWI 精選白銀礦商可投資指數（追蹤股價對白銀價格波動高度敏感的礦業公
司），在過去12個月內也大漲約225%。

That 2021 bull market in silver came as part of a broader retail speculative
 boom in meme stocks like GameStop (GME.N) and AMC Entertainment (AMC.N). But
this time, Vanda says, there are more concrete reasons underpinning the rally.

"This isn't just a meme-stock spike; we are witnessing a structural
accumulation that has now surpassed the heights of the 2021 'Silver Spike',"
Vanda noted. That means it is time to treat silver as "a core macro trading
asset" and not just a speculative bet, it added, pointing to the fact that
retail investors are big players in the ProShares UltraShort Silver ETF (ZSL.P
), an inverse leveraged fund that returns double any decline in the daily
price of silver.
Vanda表示：「這不只是一次迷因式的短線暴衝；我們正在見證一種結構性的累積，其規
模已經超過2021年的『白銀飆漲』高峰。」


Others remain more wary.
不過，也有人對此保持高度警惕。

"We waited 45 years for silver to break above $50 an ounce and now we've seen
it zoom past $80 in less than three months," said Kathy Kriskey, head of
alternatives ETF strategy at Invesco.
Invesco另類資產ETF策略主管Kathy Kriskey表示：「我們等了45年，白銀才突破每盎司
50美元，如今卻在不到三個月內就直接衝破80美元。」

心得/評論：

從金融市場角度判斷，目前白銀具備：

高散戶參與率
高ETF集中度
高媒體關注度
高槓桿產品活躍度

這四項同時出現，歷史上極少是「低風險進場點」，而更像是：
專業資金逐步派發籌碼給散戶的階段。

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※ 作者: TyuzuChou 2026-01-16 08:22:58
※ 文章代碼(AID): #1fQOJb-E (Stock)
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