摘要
白银市场的亮相，并未赢得人们预期的那种热烈掌声和回应。文章分析了需求虽旺，但市场不火的原因后指出，白银市场的发展面临税制改革。功能发育、市场定位“三座山”要攀。 文章列举了目前场外交易的价位低于场内交易的事实后说，商品交易方式的主脉永远是交易成本低的方式取代成本高的方式，要做到这一点除市场本身的努力外，更为重要的是国家应进行税制改革，给予入场产易减税或免税的优惠。 在讲到功能发育时，文章指出、规范的市场，除完成交易过程外，还应具有其他交易方式所不具有的独特功能，只有这样的市场交易方式才有存在的必要性和不可替代性。 文章认为，现在看来，白银市场定位在现货交易的商品市场上，是大有商榷之处的。一是１５００吨的白银需求对于支撑一个全国性的市场太单薄；二是现货市场对投资者的吸引力有限，投资性的主体至今没有露面。因此。提出应把白银装进投资的“篮子”，使白银市场同时成为一个投资的场所。
The showing up of silver market has not won so much cheers and responding as expected. The paper analyses the reasons of the weak market against high demand, and points out that the silver market faces three mountains to get over, tax system reform, function development, and market orientation. The describes the fact of lower price of outside market deal than market trade, and believes that the main artery commodity trade is always in a way of lower cost trading methods replacing higher ones. To achieve this, beside of market effort itself, it is even important to reform the taxation system by the government, offering a favour of market trading with tax relief or exemption. In regard of function development, the paper points out, normalis ing market to make it have unique functions that other trading does not have, besides carrying on market trading process. Only this kind of mar ket trading method is entitled to exist and is irreplaceable. The paper believes, it is doubted to oriented the silver market to spot trading. First, a silver demand of 1500 ton will be difficult to support a nailed market. Secondly, single spot trading market poses only limited attraction to the investors which do not show up yet. So, put sil ver into the investment 'basket', to let the silver market become a in vestment market as wall.
