The precious metals complex is ripping higher like never before.

Gold continues to stair-step higher, achieving new all-time highs, and now silver is joining the party.

A major catch-up trade is currently underway as silver breaks out of a multi-year base to its highest level in over a decade.

The chart below shows the correlation between these two metals over the past 15 years.

When I think about the strongest stocks, I’m not just looking for outperformance across different timeframes. The strongest stocks should be back to our through their old bull market highs.

Let’s discuss the materials sector in this light.

The bubble chart below shows the change from the 2021-2022 highs on the Y axis and the 3-month relative change on the X axis. I'm graphing all the materials industry groups to see how they stack up.

Precious metals continue to show strength as both gold and silver hit new highs in today's session.

First, it was gold leading the charge, and now silver is making its move.

Let’s take a look at this silver futures chart:

As you can see, silver is breaking out of a multi-year base, with momentum accelerating sharply to the upside.

Gold has been getting a lot of attention lately as it presses against its highest levels in history.

This is an exciting time to be a gold enthusiast.

Just look at what the price is doing.

Here's a long-term chart of gold breaking out to new all-time highs: