Gold and silver have gone ballistic because the market has concluded that the monetary experiment of perpetual deficits has reached its mathematical endgame. This has nothing to do with FIAT, since history demonstrates that even under a gold standard, Spain defaulted on its debt 6 times. Forty years of debt accumulation, three rounds of quantitative easing, COVID stimulus excess, and now trillion-dollar annual deficits have created conditions where currency debasement is the only politically viable path forward. Add to that the incentive for war whenever there is a fiscal crisis. Governments need an external enemy to divert the angry mob that will come for their heads.