Just checked the charts and silver's been on an absolute tear lately. Hit US$116.67 an ounce back in January when gold broke through US$5,000 — that's wild to see it finally hit triple digits. Been watching this breakout unfold over the past few months and there's definitely more going on than just momentum chasing.

The geopolitical stuff has been crazy — Trump's whole Greenland tariff thing in January rattled markets, then you've got the DOJ investigating Fed Chair Powell on top of everything. That's the kind of uncertainty that usually sends people scrambling into precious metals. Silver tends to move harder than gold in these situations since it's a smaller market. Plus there's the supply side — silver's been in a multi-year deficit and now it's classified as a critical mineral in the US, so industrial demand from solar and EV sectors is picking up steam.

What's interesting is how much silver's outperformed gold percentage-wise (up 279% vs gold's 85% year-on-year). The US$100 level was obviously a psychological barrier, but now people are debating whether we're looking at a 1974-style intermediate peak or if this runs further. Either way, the fundamentals around rate expectations and Fed independence seem to be supporting prices for now.