Silver and gold have reached record highs due to a historic short squeeze, a weak dollar, and hopes of Fed rate cuts. Bitcoin and Ethereum are lagging behind but could catch up as higher-beta, liquidity-sensitive hedges if macro stress and easing continue. TradingEconomics notes that silver has surged to $99 per ounce due to a short squeeze, retail FOMO, and China export controls, while gold is trading near $4,938 per ounce and could reach $5,000 if Fed rate cuts happen. Bitcoin and Ethereum are trading as high-beta assets, with a possible snapback in BTC to $170k-$220k if the ratio mean-reverts while gold remains stable. The macro story behind the surge in silver and gold includes a weakening dollar, geopolitical tensions, and expectations of Fed rate cuts. President Trump’s choice for the next Fed chair could strengthen expectations for further easing, benefiting bullion and industrial metals. Crypto assets like Bitcoin and Ethereum are behaving as liquidity-sensitive hedges, while gold and silver are seen as consensus macro insurance. The price outlook suggests that silver may stay structurally higher with a range of $70-$110, gold could grind towards $5,000, and crypto majors may have a volatile upside skew with sharper drawdown risks than metals.

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