Rising U.S.–China trade tensions and broader geopolitical unrest are driving investors rapidly toward safe-haven assets, while talk of further Fed rate cuts is dragging the dollar lower. At the core, inflation fears refuse to fade, fueling an ongoing surge into exchange-traded funds (ETFs) as central banks pile into gold, rewriting their reserve playbooks as if the metal could never lose its appeal.
Meanwhile, silver is stealing the spotlight thanks to a brutal supply squeeze — record industrial demand is clashing with flat mine output, sending the metal to uncharted heights. According to TradingView data, gold hit $4,376 per ounce on October 17, while silver gleamed at $54.55.
Silver Frenzy Sweeps the Market — Jewelers Say Sellers Are Flooding In
The real question now is: how long can this dazzling run last? By the weekend, gold cooled to $4,253 and silver slipped to $51.91 per ounce, easing after October’s fireworks. In a recent report, Kitco News’ Neils Christensen noted that while consumers are rushing to cash in on silver’s lofty prices, this wave of selling hasn’t been enough to slow the frenzy.
Even Chicago’s House of Kahn Estate Jewelers is witnessing the silver rush firsthand. “People see this as a window of opportunity to get some quick cash before the holidays,” Tobina Kahn told Christensen. She added:
“People were holding onto grandma’s sterling silver tea set — and now they’re recognizing its value.”
As governments prepare to print money like there’s no tomorrow and bond yields throw tantrums, investors are returning to shiny things that don’t need bailouts or quarterly earnings calls.
On Friday, another report from Christensen noted that gold had just wrapped up its ninth straight week in the green — a streak that’s truly gleaming. He also pointed out that the metal has never managed a ten-week winning streak, setting the stage for a nail-biting showdown in the bullion world.
As the second half of October unfolds, both gold and silver are testing how long they can stay brilliant. Between geopolitical tensions, central bank hoarding, and red-hot industrial demand, both metals have plenty of fuel — but even the brightest shine eventually fades.
Whether this rally turns into a record-breaking run or just a brief sparkle on the charts remains to be seen — but one thing is certain: the world has rediscovered its ancient obsession with precious metals, and it’s gleaming brighter than ever.
