Core Viewpoint - The surge in silver prices, which briefly surpassed $80 per ounce, is driven by supply constraints, strong industrial demand, and expectations of further interest rate cuts in the U.S. [1] Group 1: Silver Market - Silver has seen a year-to-date increase of 181%, significantly outpacing gold [1] - Factors contributing to silver's rise include its inclusion in the U.S. critical minerals list, tight supply, low inventories, and growing industrial and investment demand [1] Group 2: Gold Market - Gold prices have increased by 72% year-to-date, reaching multiple historical highs [1] - The rise in gold prices is influenced by several factors, including expectations of interest rate cuts by the Federal Reserve, geopolitical tensions, strong demand from central banks seeking to diversify away from U.S. securities and the dollar, and increased holdings in exchange-traded funds [1]