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AT the first Olympic games of the modern era in 1896, winners were awarded silver medals. Since then the metal has had to get used to second-class status. But for some time now silver prices have been outpacing those of gold (see chart), its flashier neighbour on the periodic table. On September 29th silver exceeded $22 an ounce, a price not seen since 1980 when the Hunt brothers, a pair of Texan oil barons, unwisely attempted to corner the market. Then silver spiked as high as $50 an ounce before the strategy unravelled, sending the price crashing and the Hunts back to the oil business.
在1896年第一届现代奥运会上，冠军被授予银质的奖牌。从此，白银便沦为了老二的象征。不过，近来银价上涨之速已经超过黄金（见图），银价一直压着它在元素周期表上的光鲜邻居一头。9月29日，银价突破22美元/盎司。上一次白银达到如此高度还要追溯到1980年，当时德州石油大亨亨特兄弟妄图操纵银市，使银价一度上涨为50美元/盎司。接着，他们的如意算盘破灭，银价随之崩盘，兄弟俩只能回去继续做石油生意。
The explanation for the steady rise of silver this time round is less dramatic. But high prices have a better chance of enduring. For investors, silver and gold have much of the same allure. The combination of a weak dollar, low interest rates and economic uncertainty that has convinced some to buy gold and pushed its price up to around $1,300 an ounce has also encouraged them to put their money into other likely-looking stores of value. Silver not only offers investors diversity but it is also supported by real industrial demand.
此次银价稳步上涨的背后就没有这么精彩的故事了。但此次银价高企可能会持续更长时间。对投资者而言，白银的吸引力与黄金相同。弱势的美元、低利率以及经济不确定性致使人们购入黄金，将金价推上1300美元/盎司，也促使他们把钱投向与黄金相似的价值储藏物。白银不但可以为投资者提供多元化之选，而且其价格还受到真实产业需求的支持。
Whereas around 25-30% of gold is bought by investors, only about a tenth of global silver production goes the same way. Roughly half the world’s silver goes to industrial users (the balance is accounted for by jewellery and other silverware), although their identity has undergone a huge shift over the past decade.
大约25~30%的黄金是由投资者购买的，而白银的这一比例只有大约10%。虽然数十年来它们的用途不尽相同，但世界上大约有一半的白银被用于工业用途（其余则被制成首饰和银器）。
