Gold approaches $5000, silver breaks through $80: Is the US dollar's safe-haven status being reevaluated?

Against the backdrop of escalating geopolitical risks, the market has shown a clear contrast: the US dollar has not become the preferred safe-haven asset as in the past, and funds are instead flowing continuously into gold and silver. The rapid rise in precious metal prices is shaking the long-standing macro consensus.

Recently, gold prices have continuously hit new historical highs, approaching the $5000 mark, while silver has broken through $80, performing far better than traditional commodity cycles. The market generally believes that this rally is not just an extension of inflation trading, but a reassessment of the stability of the monetary system.

Precious metals analyst Garrett Goggin pointed out that in the past, during periods of escalation in US military or geopolitical conflicts, the dollar usually strengthened simultaneously. However, in this round of market movements, the US dollar index has fallen back, forming a clear divergence with gold and silver. This structural change reflects a weakening trust in the dollar’s safe-haven function.

Economist Peter Schiff also stated that after gold broke through $4560, the price center of gravity has shifted, and the market is more inclined to view $5000 as the new reference range rather than falling back to $4000. Meanwhile, silver has experienced a rare strong trend in decades, with both precious metals rising in tandem, often closely related to systemic pressures.

Changes in the silver market are also worth noting. Dario, co-founder and COO of Synnax, mentioned that the silver futures market shows an upward premium structure, indicating that some companies and industrial buyers are locking in supplies early to hedge future cost risks. This type of demand is more from the real economy rather than short-term speculation.

Kip Herriage believes that precious metals have long been undervalued, and the current rally resembles a delayed price correction process rather than a bubble. Robert Kiyosaki reiterated his long-term view on silver, believing that scarce assets will continue to benefit in a high-debt environment.

From the market performance, the breakthroughs in gold and silver, along with the relative weakness of the dollar, are sending a clear signal: the dominant pattern of traditional safe-haven assets is undergoing a reshaping.