Gold set for best week since 2020, silver approaches $100 in stunning rally

Group 1 - Gold prices rose close to $5,000 per ounce, while silver touched $100, marking a significant rally for precious metals [1] - Gold is on track for its best week since 2020, gaining 13% year-to-date, with private sector investors joining central banks in accumulating gold [1] - Silver futures have increased by 29% year-to-date, with a substantial portion of its supply used for industrial purposes [4] Group 2 - China has been hoarding silver and restricting exports since the beginning of the year, impacting global supply [5] - Analysts from JPMorgan noted that silver prices have significantly exceeded forecasted averages, indicating a volatile market [5] - The momentum for silver prices is strong, with potential for rapid retracement, reflecting the unpredictable nature of the commodity [6] Group 3 - Geopolitical uncertainty and expectations for interest rate cuts are driving investors towards precious metals [7] - A Danish pension fund announced its exit from US Treasurys, reflecting a shift in investment strategy amid geopolitical tensions [2] - Northern European investors are also reassessing US assets due to similar concerns [2] Group 4 - The erosion of fiscal discipline in the United States is contributing to the ongoing demand for gold [3] - Strategists cite a weaker US dollar and large fiscal deficits as factors influencing the precious metals market [1]