A 7-year cycle review is quite interesting. From the 2022 low to now, the performance of traditional assets has shown significant divergence: the S&P 500 has increased by 99%, gold has nearly doubled to 182%, and silver has surged by 342%.

What does this reflect? During periods of abundant liquidity, asset rotation phenomena are obvious. The irrational rise of precious metals, especially silver, often indicates a distortion in the pricing of risk assets.

Interestingly, when all assets hit new highs simultaneously with extraordinary gains, historical patterns tell us — precious metals usually lead the adjustment. This is not fate, but a cyclical law. Gold and silver tend to peak before equity assets. The current question is whether this timing has already arrived.