US inflation data fell short of expectations, and this fire directly spread to the precious metals market. The market has begun to heavily bet on rate cuts within the year. Coupled with the tense global situation, silver has truly caught fire this week—its weekly gain is considered historic, with spot prices breaking through the $90 per ounce mark.

Data shows that as prices soared, the total market value of silver has surpassed $5 trillion. What does this mean? Silver is now the second-largest asset globally after gold, a ranking that certainly warrants attention.

The continued strong performance of precious metals largely owes to the turbulence on the Fed's side. After the risk of criminal charges against Powell surfaced, the market began to worry about whether the independence of monetary policy might be affected. JPMorgan CEO publicly warned that if political interference actually occurs, the consequences could be severe.

Geopolitical uncertainties have further boosted safe-haven demand. Some new actions by the Trump administration and the turmoil in Iran are all driving up market demand for safe assets.

Most notably, the recent major adjustment by the Chicago Mercantile Exchange (CME). CME changed the calculation method for precious metals futures margin requirements from a fixed dollar amount to a percentage of the contract's nominal value. This move is seen by the market as a game-changer that could reshape the entire market structure.