Silver

Key insight

$66.61 clears the 2024 swing high near $34 and 2011 all-time high at $49.80 by a wide margin — momentum intact while holding above the 50-day MA at $62.40; next structural resistance at $70.00 round number.

Surges 2.13% to $66.61, outpacing gold's 0.7% gain — gold/silver ratio compressing signals industrial and monetary demand converging at multi-year highs.

Main risk

USD/JPY spike to 157.7 — dollar reversal

Dollar strength vs. JPY at 157.7 pressures commodity prices; a break above 160 could trigger a sharp XAG pullback to $62.40 support.