Precious metals have recently performed remarkably well. Gold is quoted at $4610-4614 per ounce, already up over 20% this year, and more than 65% surge throughout 2025, hitting new all-time highs. Silver is also strong, with quotes at $89-93 per ounce, reaching a daily high of over $93, with an annual increase of 26-45%, and a staggering 140-150% in 2025. Notably, the gold-silver ratio has fallen to a rare historical low of 50-59. The entire precious metals sector is leading the rally, with industrial metals like copper and aluminum also showing structural strength. The market has clearly entered a phase of structural acceleration bull market.

Can this wave of gains continue? Looking from four dimensions, the fundamentals remain solid. First, risk aversion sentiment is intensifying. Geopolitical tensions (conflicts in the Middle East, Russia-Ukraine, Venezuela, Iran, etc.), along with Trump’s tariff policies and resource nationalism, have led institutional investors, retail investors, and even central banks to aggressively increase their holdings of precious metals. Second, monetary policy continues to provide support. The Federal Reserve’s rate cut cycle is ongoing, real interest rates are declining, concerns over dollar credit are rising, attracting overseas funds, ETFs, and large institutions to accelerate inflows. The third driver comes from industrial demand. Orders for photovoltaic, AI data centers, electric vehicles, and new energy have exceeded expectations, with silver industrial usage reaching record levels, and a significant supply-demand gap persisting for many years. Lastly, a new market narrative is fully erupting. Themes such as de-dollarization, global central banks’ routine gold purchases, strategic metal reserves, and de-globalization are fermenting in turn, with thematic funds continuously pouring in, and silver even becoming the current leading rally star.

In short, this wave of precious metal gains is supported by macro policy confidence and industrial demand, with market sentiment continuing to heat up. Short-term fluctuations are inevitable, but the medium-term trend is clear.