Gold exceeded $4,800 for the first time in history on Wednesday, driven by the escalation of the geopolitical crisis in Greenland and the collapse of the Japanese government bond market, setting a new intraday record of $4,819.75. Silver fell back slightly to close at $94.49, with experts warning against chasing higher prices. The yield on Japan's 30-year government bonds soared by more than 25 basis points to a record high, which may trigger a sell-off of US$130 billion in bonds, affecting both the Japanese, Korean and British bond markets. The finance ministers of the United States and Japan have joined forces to maintain stability, but the effect is limited. Institutions believe that gold still has room to rise, and it is not recommended to buy silver due to high volatility.