[新聞] 散戶資金創紀錄湧入白銀 形成過度交易
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.
Vanda估算，僅在過去30天內，散戶投資人就買進了價值9.218億美元、以白銀為標的的交
易所交易基金（ETF），例如iShares Silver Trust（SLV）。其中，該ETF在週三單日就
吸引了6,920萬美元的散戶資金流入，這是自2021年以來、單日散戶買盤規模第二大的紀
錄，當年散戶曾將白銀價格推至高點。
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.
該ETF今年以來已上漲31.3%，在過去12個月內更是暴漲210.9%。白銀價格連續創下新高。
根據LSEG數據，週四下午晚些時候，白銀價格報每盎司91.90美元，高於今年首個交易日
的72.62美元，但低於週三與週四盤中一度突破93美元的歷史高點。
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.
2021年的白銀多頭行情，是當時包括GameStop與AMC Entertainment等迷因股在內、散戶
投機熱潮的一部分。但Vanda指出，這一次白銀上漲背後有更為「實質性」的支撐因素。
"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。」
這意味著白銀應被視為「核心的總體經濟交易資產」，而不只是投機性賭注。Vanda並指
出，散戶同樣也是ProShares UltraShort Silver ETF（ZSL）的主要參與者，該基金是一
種反向槓桿產品，白銀每日價格若下跌，其報酬率將是跌幅的兩倍。
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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