Recently, silver prices have been breaking through repeatedly, and its market value has surpassed Apple, directly becoming the third-largest asset globally. No joke, currently only gold and NVIDIA are ahead of it.

This round of simultaneous gold and silver rally seems logical and well-founded, but upon closer inspection, only a few reasons are at play.

**Geopolitical instability**. After the change in U.S. leadership, global strategies have been adjusted, breaking the previously relatively calm situation, and geopolitical risks have clearly increased. This uncertainty naturally drives funds into precious metals.

**The US dollar faces devaluation pressure**. The Federal Reserve has started a rate-cut cycle, increasing short positions on the dollar; more painfully, top officials have directly targeted the Fed’s independence, which directly shakes the dollar’s fundamentals. No one wants to hold depreciating currency, so they flock to buy precious metals.

**Global central banks are aggressively buying gold**. In recent years, central banks around the world have been desperately accumulating gold reserves. The herd effect has formed—seeing others buy, everyone follows suit, and the capital aggregation effect is particularly obvious.

**Supply side is tightening**. Gold and silver, which were previously abundant, now seem somewhat scarce due to increased buying. The supply-demand imbalance further pushes prices higher.

Ultimately, this wave of price increases is fundamentally driven by a surge of capital. Various macro factors are pushing, and funds are pouring into this direction, causing prices to naturally soar.