The bull market looked like this: the last time precious metals surged was in 2011. The 2011 bull market was driven by global liquidity expansion, but this year it is mainly led by industrial demand and national purchases. The development of the AI industry has caused silver to run a trade deficit for consecutive years. This year, the buying power of precious metals has undergone a structural change. China, India, Germany, and Japan are all actively accumulating physical gold and silver, and the United States has also begun large-scale stockpiling. The best hunters remain the calmest when the prey is at its craziest.