\u00c7\u0131kar\u0131lan g\u00fcm\u00fc\u015f arz\u0131n\u0131n yar\u0131s\u0131 Meksika, Peru ve \u00c7in\u2019den geliyor; bu s\u0131k\u0131 yo\u011funla\u015fma, piyasa yap\u0131sal a\u00e7\u0131k verirken \u00fcretimi aksamalara kar\u015f\u0131 k\u0131r\u0131lgan b\u0131rak\u0131yor. Silver Institute, Meksika\u2019n\u0131n 2025 \u00fcretimini yakla\u015f\u0131k 173 milyon ons (k\u00fcresel \u00fcretimin yakla\u015f\u0131k be\u015fte biri) olarak a\u00e7\u0131klad\u0131; Meksika\u2019y\u0131 130 milyon onsla Peru ve 113 milyon onsla \u00c7in izledi. Meksika\u2019n\u0131n \u00fcretimi \u00fcst \u00fcste \u00fc\u00e7\u00fcnc\u00fc y\u0131lda %5 gerilerken, Peru %7 artt\u0131 ve Rusya %23 y\u00fckselerek d\u00f6rd\u00fcnc\u00fc s\u0131raya yerle\u015fti.<\/p>\n
B\u00f6lgesel bazda Kuzey Amerika \u00fcretimi %3 d\u00fc\u015ferek 10 y\u0131l\u0131n en d\u00fc\u015f\u00fck seviyesine inerken, Orta ve G\u00fcney Amerika %5 art\u0131\u015f kaydetti; b\u00f6ylece arz\u0131n a\u011f\u0131rl\u0131\u011f\u0131 Amerika k\u0131tas\u0131nda kalmaya devam etti. G\u00fcm\u00fc\u015f piyasas\u0131 2025\u2019te 40,3 milyon onsla \u00fcst \u00fcste be\u015finci kez a\u00e7\u0131k verdi; arz art\u0131\u015f\u0131 ve daha zay\u0131f talebe ra\u011fmen a\u00e7\u0131\u011f\u0131n 2026\u2019da 46,3 milyon onsa geni\u015flemesi bekleniyor. Fiyatlar ocak sonuna do\u011fru 120 dolar\u0131n \u00fczerinde t\u00fcm zamanlar\u0131n en y\u00fcksek seviyesini g\u00f6rd\u00fckten sonra yakla\u015f\u0131k 70 dolara d\u00fczeldi; raporda fiziki sikke ve k\u00fcl\u00e7e talebi, \u00fcr\u00fcn k\u0131tl\u0131klar\u0131 ve Borsa Yat\u0131r\u0131m \u00dcr\u00fcnleri\u2019ne (ETP) giri\u015fler ile birlikte, likidite s\u0131k\u0131\u015fmas\u0131 riski ve fiyatlar ile kiralama (lease) oranlar\u0131nda s\u00fcregelen oynakl\u0131\u011fa dikkat \u00e7ekildi.<\/p>\n
Kal\u0131c\u0131 bir yap\u0131sal a\u00e7\u0131kla tan\u0131mlanan bir g\u00fcm\u00fc\u015f piyasas\u0131nda faaliyet g\u00f6steriyoruz; bu a\u00e7\u0131k art\u0131k \u00fcst \u00fcste alt\u0131nc\u0131 y\u0131l\u0131na girmi\u015f durumda. Ocak ay\u0131ndaki 120 dolar \u00fczeri sert s\u0131\u00e7rama ve ard\u0131ndan gelen d\u00fczeltmenin ard\u0131ndan fiyatlar 74,50 dolar civar\u0131nda tutunma buldu. Biz bu istikrar\u0131 bir zay\u0131fl\u0131k olarak de\u011fil, s\u0131k\u0131 temellerin tetikleyece\u011fi yeni bir oynakl\u0131k d\u00f6nemi i\u00e7in bir taban olarak g\u00f6r\u00fcyoruz.<\/p>\n
Arz taraf\u0131 temel endi\u015fe olmaya devam ediyor; d\u00fcnyan\u0131n g\u00fcm\u00fc\u015f\u00fcn\u00fcn yar\u0131s\u0131ndan fazlas\u0131 Meksika, Peru ve \u00c7in\u2019den geliyor. K\u00fcresel arz i\u00e7in giderek daha kritik bir kaynak haline gelen Peru madencilik sekt\u00f6r\u00fcndeki devam eden i\u015fg\u00fcc\u00fc g\u00f6r\u00fc\u015fmelerini \u00f6zellikle izliyoruz. Kuzey Amerika \u00fcretiminin zaten 10 y\u0131l\u0131n en d\u00fc\u015f\u00fck seviyesinde oldu\u011fu dikkate al\u0131nd\u0131\u011f\u0131nda, buradaki herhangi bir aksama fiyatlar \u00fczerinde orant\u0131s\u0131z bir etki yaratabilir.<\/p>\n
Sanayi talebi, \u00f6zellikle ye\u015fil enerji d\u00f6n\u00fc\u015f\u00fcm\u00fcyle birlikte arz\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131 emmeye devam ediyor. K\u00fcresel g\u00fcne\u015f paneli kurulumlar\u0131n\u0131n 2026\u2019da %15 artmas\u0131 bekleniyor; bu e\u011filim, halihaz\u0131rda bask\u0131 alt\u0131ndaki stoklar\u0131 daha da a\u015fa\u011f\u0131 \u00e7ekecek. Bu g\u00fc\u00e7l\u00fc ve esnek olmayan talep, piyasaya sa\u011flam bir taban sa\u011flayarak a\u015fa\u011f\u0131 y\u00f6nl\u00fc riski s\u0131n\u0131rl\u0131yor.<\/p>\n
Bu fakt\u00f6rleri dikkate alarak, Silver Volatility Index\u2019in (VXSLV) \u015fu anda 35 ile y\u00fcksek seyretti\u011fi bir ortamda oynakl\u0131\u011f\u0131n artaca\u011f\u0131 bir d\u00f6nemi \u00f6ng\u00f6r\u00fcyoruz. Bu beklenti do\u011frultusunda uzun vadeli al\u0131m (call) opsiyonlar\u0131 sat\u0131n al\u0131yoruz; \u00f6zellikle d\u00f6rd\u00fcnc\u00fc \u00e7eyre\u011fin sonlar\u0131na do\u011fru vadesi dolan, 85 dolar\u0131n \u00fczerindeki kullan\u0131m fiyatlar\u0131na odaklan\u0131yoruz. Bu strateji, dalgal\u0131 bir piyasada riskimizi tan\u0131mlarken anlaml\u0131 bir yukar\u0131 hareketten faydalanmam\u0131za olanak tan\u0131yor.<\/p>\n
Fiziki stoklardaki mevcut erime, piyasay\u0131 1980\u2019de g\u00f6r\u00fclen piyasa k\u00f6\u015felemesine benzer \u015fekilde bir likidite s\u0131k\u0131\u015fmas\u0131na son derece a\u00e7\u0131k hale getiriyor. Borsa Yat\u0131r\u0131m \u00dcr\u00fcnleri\u2019ne yeniden g\u00fc\u00e7l\u00fc bir yat\u0131r\u0131m ak\u0131\u015f\u0131, mevcut fiziki arz\u0131 h\u0131zla a\u015fabilir. Bu nedenle stratejimiz, \u00f6n\u00fcm\u00fczdeki aylarda g\u00f6r\u00fclebilecek keskin ve ani fiyat s\u0131\u00e7ramalar\u0131n\u0131 yakalamaya odaklan\u0131yor.<\/p>\n","protected":false},"excerpt":{"rendered":"
G\u00fcm\u00fc\u015fte alarm zilleri: Arz\u0131n yar\u0131s\u0131 Meksika-Peru-\u00c7in\u2019e ba\u011fl\u0131. 2025\u2019te 40,3 milyon ons a\u00e7\u0131k s\u00fcr\u00fcyor, 2026\u2019da b\u00fcy\u00fcyecek. Fiyatlar 120\u2019den 70\u2019e indi; stok erimesi, ETP giri\u015fleri oynakl\u0131k riskini art\u0131r\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":47774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-48994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/48994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=48994"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/48994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/47774"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=48994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=48994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=48994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}