Gold just broke 4000 in early October, and now it has surged to 5000 in just over 100 days, a 25% increase. This speed is rare in decades of gold history. It’s worth noting that it took nearly a year to go from 3000 to 4000.

This time, it’s clearly stepping on the accelerator. Even more remarkable is silver, which rose 150% last year and another 24% at the start of this year. Today, it broke a historic 107. The gold-silver ratio has been shrinking, indicating what? Besides safe-haven demand, industrial demand is the real engine. Photovoltaics, electric vehicles, AI servers—each year they consume over 100 million ounces. Supply has been tight for four years.