Core Viewpoint - The global precious metals market has rebounded sharply, driven by escalating geopolitical tensions and persistent supply mismatches in key spot markets, leading to record highs in silver and gold prices, with platinum and palladium also strengthening [1][3][6]. Group 1: Silver Market - Spot silver recorded its fifth consecutive day of gains, currently priced at $74.37 per ounce, with a peak above $75 per ounce, marking a daily increase of over 4.5% and setting a new historical high [1]. - The silver market is experiencing severe physical squeeze, with the one-year silver swap rate minus U.S. rates dropping to -7.18%, indicating extreme tightness in the physical market [13]. - Concerns over potential tariffs or trade restrictions related to a U.S. Department of Commerce investigation into critical mineral imports are exacerbating hoarding behavior among investors [13]. Group 2: Gold Market - Gold prices have steadily recovered, trading above $4,500 per ounce, currently at $4,502.46, with a peak above $4,530 per ounce, achieving a new historical high [3]. - Geopolitical developments, including escalated U.S. sanctions on Venezuela and military actions in Nigeria, have increased the appeal of gold as a safe-haven asset [14]. - Strong inflows into gold exchange-traded funds (ETFs) have been noted, with global gold ETF holdings increasing every month this year except May, indicating robust institutional demand [15]. Group 3: Platinum and Palladium Market - Both platinum and palladium rebounded sharply after a previous day of adjustment, with spot platinum rising 8% to $2,413.62 per ounce, reaching a record high [6]. - The rebound in platinum and palladium is supported by ongoing supply tightness and resilient demand from automotive catalysts, attracting buyers back into the market [16].