Gold prices surged toward $5,000 an ounce and silver climbed above $100 as investors piled into what analysts call the “debasement trade.”

Precious metals are headed for their strongest week since 2020, driven by a weaker dollar, expectations of Federal Reserve easing, large U.S. deficits, and growing unease about government debt.

Silver has outpaced gold with a 29% gain this year, boosted by strong industrial demand and China’s restrictions on exports.

Analysts warn the rally has become near-parabolic, raising the risk of a sharp pullback similar to past boom-and-bust cycles, Yahoo Finance has reported.

Platinum and copper also hit new highs, underscoring a broad surge across the metals market.