Precious metals gold and silver, which have seen remarkable strength in recent months, now face a potential multi-year decline due to a significant geopolitical realignment. Gold currently trades near $5,000 and silver near $77, down from record highs of nearly $5,600 and $121 respectively. The primary risk stems from reports that Russia is considering moving back to the US dollar system as part of a wide-ranging economic partnership with the United States under President Trump.
This potential shift marks a reversal of the de-dollarization narrative that has dominated global finance for the past 3–4 years. During that period, multiple countries reduced exposure to dollar assets, contributing to dollar index weakness and encouraging reserve diversification into precious metals like gold and silver. Nations sold US Treasuries and increased metal holdings to hedge against currency uncertainty, which fueled the metals' historic rallies.
Analyst Ash Crypto outlines that renewed interest in the US dollar would strengthen the currency and weaken the monetary debasement narrative that helped propel metals to record highs. Historically, strong dollar periods have often coincided with softer performance across commodities, particularly gold and silver. Loss of this structural support could expose both metals to a prolonged corrective phase beyond normal market volatility.
Concurrently, silver's trading landscape is evolving. On the Hyperliquid platform, silver can now be traded fully on-chain, offering no-KYC access, instant execution, and weekend trading—a flexibility not available on traditional TradFi metals platforms. This development provides traders with new avenues amid the shifting macro backdrop.
Ash Crypto also connects the stronger dollar outlook to broader financial markets. Increased energy supply cooperation between Russia and the US could reduce inflation pressure and create clearer monetary policy expectations. Lower inflation uncertainty may limit aggressive policy tightening, potentially creating a more stable environment for risk assets like equities and cryptocurrencies. While dollar strength may cause short-term pressure, greater certainty around inflation and rates could support long-term investment flows into growth-oriented markets.
The analyst presents the current moment as an early warning rather than a confirmed outcome. The future trajectory for gold and silver depends on whether the US dollar truly regains structural dominance and whether the geopolitical alignment continues to evolve.
