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The gold and silver markets surged higher again on Wednesday, continuing their stunning rally once again.

Just a few days after the gold futures blasted through the $4,000 per ounce mark, they’re now up another $58 to $4,222.
 

Wednesday was also another huge day in the silver market, with both the spot price and the futures rallying more than a dollar, while the backwardation in the spread has come in a bit.

The silver spot price is back over $53.00, and not that far away from the all-time high set on Monday night at $53.55.
 

The silver futures rallied even more than the spot price on Wednesday, and have closed the gap between the two to 50 cents.
 

The spread between the silver spot market in London and the futures in New York had reached as high as $3 (spot inverted over the futures), although at least as of today, that alarm bell is ringing slightly less loudly.

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