On Friday shortly after the Asian market opened, spot silver surprised the market — breaking through multiple key levels in a short period and surpassing the $75/oz mark to hit a new all-time high of $75.08/oz. The intraday increase approached 4.45%, marking the fifth consecutive trading day of gains. It’s important to note how fierce silver’s performance has been this year, with a cumulative increase of about 150%. Since the abnormal "short squeeze" market rally in October last year, silver’s upward momentum has never slowed down, and its price fluctuations have become more aggressive.

Gold closely followed, with spot gold repeatedly testing high levels this week, approaching above $4525/oz. The simultaneous rise of these precious metals is driven by two overlapping forces — the resonance of risk aversion sentiment and expectations of rate cuts are too obvious. On one side, tensions between the US and Venezuela are pushing up geopolitical risk premiums, attracting renewed capital inflows into traditional safe-haven assets like gold; on the other side, traders are betting that the Federal Reserve will continue to cut rates in 2026, with falling interest rate expectations reducing the opportunity cost of holding precious metals.

For silver, this "industrial + financial" hybrid, macro factors are only part of the story. Tight supply and the concentrated release of industrial demand are the real engines behind its big rally this year. Some analysts believe that against the backdrop of the simultaneous rise of gold and silver, market views on the medium-term trend of precious metals are shifting, with even well-known analysts issuing more aggressive price forecasts — expecting silver to continue climbing and gold to be poised for higher levels.