Spot gold breaks through $5000 per ounce, and silver surpasses $106 per ounce, reaching a historic high. This extreme market condition is the result of the convergence of four core factors: intensified geopolitical risks, expectations of loose monetary policy by the Federal Reserve, global supply and demand imbalances in precious metals (especially structural shortages of silver), and the weakening of the US dollar credit system. Among them, geopolitical risks are the short-term trigger, monetary policy and supply-demand imbalances provide medium- to long-term support, and the weakening of the US dollar credit system is the underlying logic.