Gold and silver are commodities has always been traded just based on demand and supply. However, the current rally that we are seeing in gold and silver is not because of the high demand but because people have started treating gold and silver now as securities.
Many people are now buying the call options of the ETF rather than buying actual physical gold or silver. This leads to Market maker hedging their sold options, by buying the shares of those ETFs which eventually drives up the artificially inflated prices.
People are calling this rally as a Dollar debasement trade, however, behind the scenes just manipulation of some Wall Street traders is going on now. The government, Wall Street, media are all colluded. They orchestrate all such situations which leads to News on wars, AI bubble, inflation, weak dollar.
This is exactly like 1970s , 2008 and now this rally. Buying physical gold at these prices does not make sense at all. Physical gold buying has already slowed down because of the purchasing power has exhausted. Now only central banks are the buyers.