The recent enthusiasm in the precious metals market shows no signs of waning. CME Group announced plans to launch 100-ounce silver futures contracts (pending regulatory approval) on February 9, 2026, which means the futures market will see upgrades in silver pricing power and liquidity management.

The spot price has already provided the answer—today, silver prices soared to a record high, reaching $89 per ounce. It’s worth noting that since the beginning of the year, silver prices have increased by 24%; looking back to January 1, 2025, the increase is as high as 206%. This growth rate is already quite remarkable.

The market rotation is becoming increasingly clear. First, gold led the rally and broke the deadlock, followed by silver reaching new highs. Next, the performance of copper and other risk assets will be key to testing whether this cycle of hard assets can continue. From a macro perspective, this is not just about commodity price fluctuations but a real shift in the entire asset allocation landscape. The leadership of hard assets has already been established, and the evolution of macro logic has been confirmed by the market.