Silver has really gone crazy this year.

In November alone, physical silver ETF holdings skyrocketed by over 15.7 million ounces. Keep in mind, in the first 11 months of this year, silver ETF holdings increased in 9 of those months. The price action is even more dramatic—soaring over 101% year-to-date, possibly marking the second strongest annual performance in history. The only year to beat it was that legendary 435% surge in 1979.

Gold hasn’t lagged behind either. In October, central banks around the world went on a buying spree, snapping up more than 53 tons of gold in a single month—the highest monthly total since November 2024. This marks the third consecutive month of accelerated purchases. Leading the charge? The National Bank of Poland. Clearly, central banks’ enthusiasm for precious metals shows no sign of cooling down.