Recently, the global financial markets have been showcasing an eye-catching rally. Spot gold has broken through $4,600 per ounce for the first time, with silver closely following and reaching a new historical high. The two major precious metals advancing together is not just a simple numbers game—it’s more like conveying some deep market signals to us.

Speaking of this gold rally, we need to look back over half a century. When the Bretton Woods system collapsed (1971), gold was worth only $35 an ounce. Now, it has risen to over $4,600, an increase of more than 130 times. Especially in the past four years, the increase has nearly doubled. Behind this accelerated rise reflects a subtle shift in global confidence in fiat currencies.

From a technical perspective, gold has been building an upward channel since its low point in 2015. The decade-long consolidation has now been thoroughly broken, opening up further upside potential. More interestingly, silver has also hit a new high simultaneously. This "double breakout" of gold and silver often signals that the strength of the precious metals market exceeds expectations, and the trend is more likely to continue.

Several factors are driving this rally. The ongoing escalation of global geopolitical risks is a major catalyst, coupled with uncertainties in central bank policies worldwide, keeping demand for safe-haven assets high. At the same time, with the pressure of fiat currency devaluation, investors’ enthusiasm for allocating into hard assets like precious metals is also rising. The convergence of these forces has created this "multiple奏" scenario.