国内白银为何出现溢价现象
关键字：国内白银为何出现溢价现象
国内长期存在白银的溢价问题，溢价率最高曾达到15%，最低为-1.8%，8次统计中，7次为正溢价率，溢价区间达到16.8%。
国内白银溢价产生原因：
(1)最主要的原因为国内关税政策:目前，对于对白银进口要加收17%的关税，这最直接导致了国内白银和国际白银存在差价的可能。
(2)历史上中国是白银产量大国，白银在中国货币史上占据着比黄金更重要的地位。鸦片战争后，中国大量白银储备外流，导致国库空虚，直接影响了中国白银的供需关系。中国虽然是世界最大的白银产国，但同时也是最大的白银消费国，2007年开始，中国开始需大于供，净进口白银实物量达到1067吨。
(3)中国的白银矿经过历史上的多年开采，开采成本较国际银矿价格高，因此存在溢价的基本面支撑因素，从2009年亚洲最大的白银生产企业豫光金铅的年报来看，2009年白银生产实现营业收入189418万元，营业利润为-461万元。其生产成本估计在3200元/千克左右。可见高昂的生产成本也成为支撑国内白银价格坚挺的重要原因。同时我们也发现，一旦价格突破3200元/千克一线，国内白银的溢价率便开始大幅下降。
(4)市场投资者的行为和交易模式可能也是影响白银溢价的重要因素，中国投资者普遍不具备做空思维，空头主力主要为套期保值的生产商与贸易商为主。而现货白银投资对资金要求小，更容易吸引更多的投资需求，直接推高了市场价格。
另外，国际现货白银为24小时交易市场，而国内白银市场最长交易时间为每个交易日10小时，因此，相对振幅较国际银价要小，加剧了溢价率的波动幅度。
本文来源： 大田环球贵金属
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