In this week’s global macro analysis: Gold crosses $4,000 an ounce. As 2025’s final quarter unfolds, markets are witnessing a historic rally in precious metals. Driven by fear, fiscal uncertainty, and speculative momentum, gold has shattered record after record, defying traditional correlations with stocks and risk assets. But can this parabolic rise last? And will silver and mining stocks follow suit, or crumble when the fever breaks?