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METALS RALLY: #Gold and #Silver are heading for their best weeks ever this year. GOLD has climbed 6.6% past $4,300/oz, its best week since January. SILVER has surged 11.6% past $64/oz, its best week since February. Combined, that's $2.2 TRILLION added to the market cap this week. The catalyst is counterintuitive: PEACE. As US-Iran talks move toward reopening the Strait of Hormuz, oil has fallen ~10% this week. Cheaper oil eases inflation pressure, cutting the implied odds of a September Fed hike to 55% from 67% last week. Gold is rallying on de-escalation, not fear. That inverts the usual playbook. But gold and silver are still ~23% and ~47% below their January peaks. That's nearly $13 TRILLION in combined market cap wiped out since peak. A reminder that this is a recovery, not a record.