Core Viewpoint - Gold and silver prices have reached record highs due to geopolitical tensions and safe-haven demand, with gold peaking at $4,891.10 and silver at $95.78 per ounce [1][2]. Geopolitical Environment - The current geopolitical climate is highly active and uncertain, driving unprecedented demand for gold and silver, which is expected to persist [4]. - The competition between the U.S. and China for global dominance is intensifying, with implications for military confrontations, further fueling demand for safe-haven assets like gold and silver [5]. Economic Factors - Major global economies are stockpiling rare-earth minerals, which has led to increased demand for gold and silver. Retail consumer demand for silver is reportedly creating supply shortages worldwide [6]. - The movement by BRICS nations (Brazil, Russia, India, China, and South Africa) to reduce reliance on the U.S. dollar is prompting central banks to increase their gold reserves, contributing to higher demand for gold [7].