Here's a viewpoint: the current cycle of rising precious metals has ended, silver has already peaked, and gold will likely follow suit in about six months. Logic: A good method to observe cycles in any market is to identify the leading and secondary assets in that sector, and then watch the changes in their exchange rates. The exchange rate of the secondary asset to the leading asset serves as a measure of the cycle. Beginning of a bull market to mid-bull market: the leader rises. Mid-bull market: the secondary asset starts to catch up. End of a bull market: the exchange rate of the secondary to the leader begins to spike. End of a bull market: the secondary reaches its peak first, the exchange rate hits a top and starts to crash, while the leader either stagnates or continues to rise for a while. I've seen this cycle play out multiple times with ETH, SOL, and BTC. In fact, the on-chain memes and the sector rotation in the A-shares market follow this same logic. When you see the exchange rate of the secondary asset to the leading asset start to crash, the cycle for that sector is nearing its end. You can observe closely: Below is Chart 1: Blue: Silver Orange: Gold Candlestick chart: Silver/Gold exchange rate. Below is Chart 2: Blue: Ethereum Orange: Bitcoin Candlestick chart: ETH/BTC exchange rate. The logic behind this phenomenon is not hard to understand: Leader: The market's recognized strongest narrative, purest logic, most compelling story, and the asset with the highest willingness for capital to cluster around. Everyone in the market assumes, "If you want to play this theme, you must have the leader," and the institutional involvement in the leader is also higher. Secondary: Related narrative, but weaker in logical purity, storytelling, market cap, turnover rate, and institutional preference compared to the leader. The order of capital entry is naturally: first buy the most certain and expensive one (the leader), then buy the cheaper, more cost-effective one (the secondary). When the sector's sentiment peaks and profit-taking begins, the first to exit are often those who have made the least profit, face the highest risk, and are the most "p"—they typically hold the secondary asset (which also means higher retail participation in the secondary)....