Global metals markets are booming, with gold, silver, and copper surging to record highs as investors flock to hard assets amid mounting geopolitical risks and a weakening US dollar. Gold has risen nearly 30% this year, touching almost $5,600/oz, while silver hit $120/oz. Copper, often seen as a barometer of industrial activity, surged past $14,000/tonne, fuelled by speculative inflows into ETFs rather than clear demand signals. Other base metals like nickel, zinc, and aluminium also advanced, lifting the LME base metals index near its 2022 peak. This broad rally reflects growing unease over US fiscal credibility, political uncertainty, and a retreat from the dollar as a haven asset. However, some analysts caution that much of the buying appears momentum-driven rather than tied to real-world demand, with recent data pointing to softness in Chinese industrial activity. While metals remain in favour for now, we await confirmation that these higher prices will prove resillient.