原文标题：
Retail investors steer record amount cash into silver, creating crowded trade
原文连结：https://tinyurl.com/mrycycxe
发布时间：January 16, 2026 6:35 AM GMT+8Updated 1 hour ago
记者署名：By Suzanne McGee
原文内容：
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）根据Vanda Research于周四发布的报告指出，散户投资人以极快的速
度抢购白银，使其成为目前市场上最“拥挤”的商品交易标的。
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，仅在过去30天内，散户投资人就买进了价值9.218亿美元、以白银为标的的交
易所交易基金（ETF），例如iShares Silver Trust（SLV）。其中，该ETF在周三单日就
吸引了6,920万美元的散户资金流入，这是自2021年以来、单日散户买盘规模第二大的纪
录，当年散户曾将白银价格推至高点。
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.
该ETF今年以来已上涨31.3%，在过去12个月内更是暴涨210.9%。白银价格连续创下新高。
根据LSEG数据，周四下午晚些时候，白银价格报每盎司91.90美元，高于今年首个交易日
的72.62美元，但低于周三与周四盘中一度突破93美元的历史高点。
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.
同时，MSCI ACWI 精选白银矿商可投资指数（追踪股价对白银价格波动高度敏感的矿业公
司），在过去12个月内也大涨约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年的白银多头行情，是当时包括GameStop与AMC Entertainment等迷因股在内、散户
投机热潮的一部分。但Vanda指出，这一次白银上涨背后有更为“实质性”的支撑因素。
"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：“这不只是一次迷因式的短线暴冲；我们正在见证一种结构性的累积，其规
模已经超过2021年的‘白银飙涨’高峰。”
这意味着白银应被视为“核心的总体经济交易资产”，而不只是投机性赌注。Vanda并指
出，散户同样也是ProShares UltraShort Silver ETF（ZSL）的主要参与者，该基金是一
种反向杠杆产品，白银每日价格若下跌，其报酬率将是跌幅的两倍。
Others remain more wary.
不过，也有人对此保持高度警惕。
"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另类资产ETF策略主管Kathy Kriskey表示：“我们等了45年，白银才突破每盎司
50美元，如今却在不到三个月内就直接冲破80美元。”
心得/评论：
从金融市场角度判断，目前白银具备：
高散户参与率
高ETF集中度
高媒体关注度
高杠杆产品活跃度
这四项同时出现，历史上极少是“低风险进场点”，而更像是：
专业资金逐步派发筹码给散户的阶段。