Precious metals are still accelerating.

Gold is approaching 5000, silver is pushing towards 100, and market sentiment is gradually shifting from "hedge allocation" to "trend speculation."
I have long held gold and remain bullish on Bitcoin, and this judgment has not changed since 2025. However, recently, silver has driven industrial metals like copper and palladium to heat up simultaneously, which has made me cautious about the pathways of risk transmission.
The recent rise in gold is essentially a re-pricing of its monetary attributes:
Sovereign credit is being continuously overdrawn, fiscal constraints are failing, and geopolitical conflicts are becoming normalized. Gold does not require demand to explode; it only needs trust to continue declining.
But silver is different.
Silver is more about absorbing the risk appetite overflow from gold; its financial attributes far surpass its fundamentals. Industrial demand does exist, but it is not enough to support such steep price elasticity. If the short-term bubble continues to grow, silver’s high volatility will expose risks first.
What truly worries me is not silver itself, but the possibility that silver could become a source of risk spillover:
When silver and other non-ferrous metals are overly financialized, their prices rapidly detach from real supply and demand, volatility rises, and the market can easily shift from "inflation hedging" to "costs spiraling out of control" narratives.
Currently, funds rushing into silver, copper, and palladium are betting on the huge resource demands of infrastructure construction in the AI era. This logical direction is correct, but the pace may be too fast. Once commodity prices are pre-emptively overdrawn, and AI infrastructure costs rise, it could accelerate the formation of valuation bubbles across the entire AI industry, bringing risks earlier.
In this scenario, the sharp fluctuations in commodities may not directly undermine the long-term logic of gold, but they could, through sentiment and confidence, temporarily impact the market’s perception of the "sustainability" of gold’s rise.
Therefore, my attitude toward current silver is not bearish, but rather cautious about the role it might play in the later stages of the cycle:
It acts more like an accelerator than an anchor.
Gold and Bitcoin remain hedging tools against systemic risks;
Whereas silver and other non-ferrous metals, once overly driven by FOMO, are more likely to amplify volatility.
This is exactly what makes me feel conflicted right now.
It’s not about the direction, but about the pace and risk transmission. #黄金白银再创新高