Gold tracks best week since 2020, silver breaches $100 in stunning rally

Group 1 - Gold prices rose close to $5,000 per ounce, while silver topped $100, indicating a strong 'debasement trade' trend [1] - Gold is on track for its best week since 2020, with a year-to-date rally of 14%, driven by private sector investors and central banks accumulating gold [1] - Silver futures have increased by 29% year to date, with a significant 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, although predicting a market peak is challenging [5] - The overall metals complex is experiencing significant price increases, with platinum gaining 36% year-to-date and copper reaching a record high above $13,000 per ton [6] Group 3 - Geopolitical uncertainty and expectations for further interest rate cuts are driving investors towards precious metals [7] - A Danish pension fund announced its exit from US Treasurys, reflecting a broader trend among Northern European investors reassessing US assets amid geopolitical turmoil [2] - The erosion of fiscal discipline in the United States is cited as a key reason for the ongoing demand for gold [3]