Following the significant price swings in precious metals this year, gold and silver have undoubtedly become the clearest indicators of risk. At the beginning of the year, both metals experienced substantial rallies. This surge was driven, at least in part, by the view that they offered investors a tangible safe-haven alternative amid concerns about potential fiat currency devaluation, a sharp increase in government debt issuance, and the possibility that major central banks would be slow to act against persistently high inflation. Subsequently, in late January, prices for gold and silver fell sharply. This was followed by a series of dramatic rebounds and declines as fears of inflation stemming from conflict in the Middle East, combined with soaring oil prices, roiled financial markets. This combination was undoubtedly negative for gold and silver. However, given that both metals have still recorded substantial gains over the past year, they remain a primary source for investors needing to realize profits to cover losses elsewhere. Silver has exhibited even greater volatility than Bitcoin, while gold's price swings have far exceeded those of US stock index futures. This makes precious metals a key gauge for assessing underlying risk sentiment, particularly as they trade 24 hours a day during the business week. This implies that a decline in precious metals on a Monday may be a more accurate reflection of overall market sentiment than a rally in Asian stock markets, which often appears to simply be catching up to gains seen in the US market the previous Friday.