Crypto analyst Michaël van de Poppe is drawing attention to a powerful shift unfolding across global markets, where commodities have entered what he describes as the final, euphoric stage of a parabolic advance.
According to his analysis, once markets reach this phase, gains tend to accelerate rather than slow, often catching participants off guard before volatility fully asserts itself.
Gold Leads a Parabolic Commodity Surge
Van de Poppe points to gold as the clearest example of this dynamic. The chart he shared shows gold breaking decisively above its previous all-time high and continuing higher without meaningful consolidation.
Price is now cruising near the $4,500 area, reflecting sustained momentum rather than a short-lived breakout. Structurally, the move is clean and directional, with price holding well above rising support, a classic sign of late-stage trend strength.
Silver and platinum are reinforcing the same narrative. Silver has surged roughly 40% in just one month, while platinum has gained between 40% and 50% in a matter of weeks. The speed of these moves suggests aggressive capital rotation into hard assets, with traders increasingly willing to chase momentum rather than wait for pullbacks.
During euphoria exponential and parabolic returns, the last stage of that parabolic, returns will only accelerate.
That's what's currently been seen in the commodity markets.
Gold breaks the all-time high and is cruising at $4,500.
Silver is up 40% in a month.
Platinum is up… pic.twitter.com/ZvKByQKG0C— Michaël van de Poppe (@CryptoMichNL) December 23, 2025
Volatility Is Rising And Corrections Matter
While the breakout is impressive, van de Poppe stresses that this phase rarely unfolds smoothly. The TradingView chart highlights expanding ranges and sharper candles, signaling that volatility is picking up alongside price. Historically, this environment produces sudden and often harsh corrections, even as the broader trend remains intact. In other words, strength and instability are developing at the same time.
This is a key distinction. The rally does not imply a straight line higher, but rather faster moves in both directions as liquidity builds above recent highs and becomes vulnerable to being swept.
Why Risk Assets Are Lagging – for Now
One of the more important takeaways from the analysis is what isn’t accelerating yet. Van de Poppe argues that risk-on assets have stalled largely because capital is currently concentrated in commodities. As long as this focus remains, assets like equities and crypto may struggle to regain strong upside momentum.
From a broader perspective, this setup suggests a market environment where commodities finish their parabolic phase first. Only after that rotation exhausts itself could attention begin shifting back toward higher-risk assets. Until then, the charts imply that commodities remain the primary outlet for speculative energy – powerful, fast-moving, and increasingly volatile.
In short, the current commodity rally reflects classic late-cycle behavior: explosive upside, rising volatility, and growing risk of sharp pullbacks, all unfolding before the next major rotation takes shape.
