How does a gold rush end?

Gold and silver's recent dramatic price surges are examined, questioning whether this is a peak or just the beginning. The discussion explores factors beyond currency debasement, such as central bank behaviors and the changing role of safe haven assets. While a flight from the dollar is debated, the influence of speculation and leveraged investment, particularly among retail investors, is highlighted as a key driver. Silver's industrial demand, especially in solar panels and EVs, coupled with supply rigidities, is presented as a fundamental factor. The potential impact of new US rules on critical minerals and the possibility of a stock market correction triggering a sell-off in precious metals are also considered as factors that could break the spell.