The Red October: 100 Years Later

Lenin addressing troops at Red Square in Moscow in May 25, 1919. Getty images
Lenin addressing troops at Red Square in Moscow in May 25, 1919. Getty images
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The Red October: 100 Years Later

Lenin addressing troops at Red Square in Moscow in May 25, 1919. Getty images
Lenin addressing troops at Red Square in Moscow in May 25, 1919. Getty images

This month marks the centenary of the 1917 Revolution in Russia which led to the foundation of the Soviet Union. Many in the Russian Federation will mark the occasion with special festivities. A majority of Russians have moved away from the Communist heritage. The remnant of the Communist Party receives no more than 10 to 15 per cent of the votes in elections. All over the world almost all Communist Parties have either disappeared or morphed into different identities. Nostalgics of Communism will also be in festive mood. However, it would also provide an occasion to remember the victims of the Bolshevik revolution and its child Stalinism. Here, we cast a glance at the origins of the Red October in its early phase.

Russian President Boris Yeltsin called it “the greatest tragedy in the history of Russian people.” To the French poet Louis Aragon it was “the event that redefined the modern world”. An American journalist labeled it “Ten days that Shook the World.”

The “it” in question was the October Revolution which led to the seizure of power in Russia by the Bolshevik Party 100 years ago. Well, seizure of power may not be the right phrase if only because when the Bolsheviks pushed themselves to the front of the stage there was no power in Russia to seize. The Tsarist edifice had collapsed and the provisional government headed by Alexander Kerensky was acting like a headless chicken. On occasions, Prime Minister Kerensky had to find a horse-driven droshky to take him to the office because the driver of his limousine hadn’t turned up. Exhausted by three years of war and carnage the vast empire was on the edge of famine, its administration in taters and its agriculture almost wiped out.

When a group of armed sailors appeared at an open session of the Duma, the Russian parliament that had emerged from the country’s first and last free elections, the deputies had only one thought: how to flee into safety. Suddenly, Russia, the largest country in the world, was left without anyone in charge. The Bolsheviks pretended they could fill the vacuum but soon found out they couldn’t. They were a small party of middle class urban intellectuals, most of them just back from exile, with little contact with the Russian heartland. In the election for Duma the party had won around five per cent of the votes. But its leader Vladimir Illych Ulianov, better known by his nom de guerre of Lenin, believed that in war-torn Russia power was like a jewel box that had fallen in the street for anyone to pick up. He was determined to be the one who does it. What he didn’t realize was that in doing so he would not inherit a power that had ceased to exist but a responsibility that his party was in no position to assume.

Initially, Lenin, who was a master of tweets long before twitter was invented only hoped to win a propaganda battle thanks to his daily missives. Days after he was told that he was now in charge he “tweeted” that his aim was that the Bolsheviks, acting through what he called Soviets of Workers, Peasants, Soldiers and Sailors, would be able to hang on for at least 100 days so as to last longer than the Paris Commune, the model for the Communist Utopia, had lasted in 1871.

When the 100 days came and went, Lenin began to realize that triggering a revolution is far easier than building a new society. He saw Russia plunged into a civil war that lasted almost four years, claiming millions of victims. In 1921 he wrote: “The civil war has decimated our proletariat exactly when we want it to build the new Russia.”

Half regretting his own propaganda, Lenin shared his doubts with the 11th Congress of his party. “Because of my position, every day I hear a lot of sentimental Communist lies; and sometimes I get sick of them.”

Having mobilized his party‘s energy to destroy the cursed “bourgeoisie,” he realized that Russia needed that very same bourgeoisie to rebuild.

“The idea that Communists alone could build the Communist society is naïve, absolutely childish. We Communists are but a drop in the ocean of the people. We’ll be able to build Communism only if we make the vanquished bourgeoisie work for us”.

Marx had taught that every state belongs to one dominant class in different stages of history, starting with the primitive commune to capitalism and passing by feudalism. While casting himself as an arch-Marxist, however, Lenin rejected that linear analysis. He insisted that there could be a shortcut for direct passage from capitalism to Communism. During that shortcut the state would be controlled by “the vanguard of the proletariat”, that is to say the Communist Party.

Experience quickly showed that Lenin’s romantic optimism had been misplaced. The mass of Russians lived in starvation as Politburo members fought over whether or not to use the Tsarist gold reserves for importing canned food from France. Lenin decided to sue terror to fore peasants to share part of their meagre crops to feed the starving cities.

In a letter, his kind of “tweet”, to Lev Kamenev, who was in charge of the economy, Lenin said: “There is no evolution without terror: political terror and economic terror!”

To use terror systematically, Lenin created CHEKA, the secret police and precursor of the KGB headed by Polish Felix Dzezhinski.

However, the Bolsheviks were not numerous enough to provide the leadership, management and administration required by a huge country at a time of exceptional crisis. In 1924, as he was approaching his early death, Lenin estimated the number of Bolshevik cadres at around 4,700, many of them having jumped on the bandwagon after the victory of the Revolution.

That led Lenin and his party towards a new policy which he dubbed “one step backwards for two steps forward”. The label was the New Economic Policy or NEP which envisaged the creation of mixed public-private enterprises and the creation of state capitalism. When Preobrazhenski, a member of the party’s central committee, publicly took Lenin to task for pursuing a new version of capitalism, the father of the revolution opted for sophistry in response.

“In capitalist society the proletariat works for the bourgeoisie, “he said. “In Communist society, the bourgeoisie works for the proletariat.”

"Peasants ask us: The capitalist is able to supply things that we want, charging exorbitant prices and humiliated and robbed us. But he was, after all, able to supply things,“ Lenin said. “But what about you, Communists? Can you supply the things we need? You Communists may be saints destined for heavens. But can you get things done? Can you supply what we need?"

It took history almost 80 years to provide the answer, which was “no.”

Initially, Lenin wanted a talk-fest in which all Russians, used to silence for centuries, would air their grievances in public and make their views heard. Soon, however, he realized that freedom of speech and of press could be dangerous for the kind of centralized state he was trying to build.

Three years after “Red October”, the heavy Russian silence which Tolstoy had claimed was due to drunkenness, was back in force. Lenin told the party congress: “We can have free debates on weekends but absolute obedience to the Soviet leader, the dictator, the rest of the week. One wonders what would have happened today when every chat-room in cyberspace is a Soviet!

Having called for the abolition of censorship, Lenin soon returned to measures that the Tsarist regime would not have thought of. He described press freedom as deadly and dangerous. Freedom for whom, and for what?

He insisted that “all over the world wherever there are capitalists, press freedom means freedom to buy newspapers, to buy writers, to bribe, buy and fabricate public opinion for the benefit of the bourgeoisie.”

His argument was that once “history” had chosen the path of Revolution, there could be no free choice that might harm or hamper the course of Revolution. Thus, freedom of choice belongs to pre-Revolutionary societies, a bourgeois value.

When faced with the inevitable failure of his Revolution to produce “positive improvement” in the material of the workers and peasants, Lenin blamed Russia’s “deep-rooted backwardness.”

“Facts and figures reveal the vast and urgent task we face to reach the level of an ordinary West European civilized country, bearing in mind the semi-Asiatic ignorance from which we have not been able to extricate ourselves,” he wrote in a message to the Central Committee.

“As long as our countryside lacks the material basis for Communism in the countryside, under no circumstances should we immediately advance purely and exclusively Communist ideas. (Doing that) would be harmful, I might say even fatal.”

At one point, Lenin suggested to send students to Britain, Germany, Canada and the United Sates to learn how to organize and manage modern industries and offices. The Central Committee took no action because the Soviet state had no money for that and there was no guarantee the Western "enemies" would issue the necessary visas.

Sometimes, Lenin's proposed solutions for major problems were derisory. In one memo to the Central Committee he said the country's educational system was on the verge of collapse. But the solution he suggested was increase bread ration for teachers!

In another memo he presented his parable of the mountain in which a group of climbers have gone far up a range but feel lost and unable to reach the summit. The way out of the situation is to climb down and cast a fresh look at what lies ahead on the way to the summit. The trouble is that human societies cannot be treated as blank pages on which one could doodle as one wishes in the hope of finding the right shape. You make a mistake on the path, people die. You correct the mistake, people die.

Isolated within its ideological cocoon, the Bolshevik leaders also spent much time on in-fighting and clan rivalries. Lenin wanted to promote Bukharin as the rising star, describing him as “the most valuable theoretician of our party.” That made Stalin jealous. In the end, Stalin could put Bukharin to death, after Lenin had died.

Lenin disliked Larin and did all he could to marginalize him. Zinoviev and Kamenev couldn’t stand each other. Lenin’s concubine, Nadezhda Krupskaya, had a quarrel with Stalin who had been rude to her on telephone. That led to Lenin writing to the Central Committee asking it to replace Stalin, which didn’t happen because Lenin died a few months later.

Lenin's great genius was to realize that there is no standard model, no recipe fr revolutions.

"Every revolution," he wrote, "is a leap into the unknown, and each time a different unknown."



What Lies Ahead for Ukraine’s Contested Zaporizhzhia Nuclear Power Plant?

A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
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What Lies Ahead for Ukraine’s Contested Zaporizhzhia Nuclear Power Plant?

A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)

The Zaporizhzhia nuclear power plant, Europe's largest, is one of the main sticking points in US President Donald Trump's peace plan to end the nearly four-year war between Russia and Ukraine. The issue is one of 20 points laid out by Ukrainian President Volodymyr Zelenskiy in a framework peace proposal.

Here are some of the issues regarding the facility:

WHAT ROLE MAY THE US PLAY?

Russia took control of the plant in March 2022 and announced plans to connect it to its power grid. Almost all countries consider that it belongs to Ukraine but Russia says it is owned by Russia and a unit of Russia's state-owned Rosatom nuclear corporation runs the plant.

Zelenskiy stated at the end of December that the US side had proposed joint trilateral operation of the nuclear power plant with an American chief manager.

Zelenskiy said the Ukrainian proposal envisages Ukrainian-American use of the plant, with the US itself determining how to use 50% of the energy produced.

Russia has considered joint Russian-US use of the plant, according to the Kommersant newspaper.

WHAT IS ITS CURRENT STATUS?

The plant is located in Enerhodar on the banks ‌of the Dnipro River and ‌the Kakhovka Reservoir, 550 km (342 miles) southeast of the capital Kyiv.

The Zaporizhzhia nuclear power plant has ‌six ⁠Soviet-designed reactors. They were ‌all built in the 1980s, although the sixth only came online in the mid-1990s after the collapse of the Soviet Union. It has a total capacity of 5.7 gigawatts, according to an International Atomic Energy Agency (IAEA) database.

Four of the six reactors no longer use Russian nuclear fuel, having switched to fuel produced by then-US nuclear equipment supplier Westinghouse.

After Russia took control of the station, it shut down five of its six reactors and the last reactor ceased to produce electricity in September 2022. Rosatom said in 2025 that it was ready to return the US fuel to the United States.

According to the Russian management of the plant, all six reactors are in "cold shutdown."

Both Russia and Ukraine have accused each other of striking the nuclear plant and of severing power lines to the plant.

The plant's equipment is powered by ⁠electricity supplied from Ukraine. Over the past four years these supplies have been interrupted at least eleven times due to breaks in power lines, forcing the plant to switch to emergency diesel generators.

Emergency generators ‌on site can supply electricity to keep the reactors cool if external power lines are cut.

IAEA ‍Director General Rafael Grossi says that fighting a war around a nuclear ‍plant has put nuclear safety and security in constant jeopardy.

WHY DOES RUSSIA WANT ZAPORIZHZHIA PLANT?

Russia has been preparing to restart the station but ‍says that doing so will depend on the situation in the area. Rosatom chief Alexei Likhachev has not ruled out the supply of electricity produced there to parts of Ukraine.

Oleksandr Kharchenko, director of the Energy Research Center in Kyiv, said Moscow intended to use the plant to cover a significant energy deficit in Russia's south.

"That's why they are fighting so hard for this station," he said.

In December 2025, Russia's Federal Service for Environmental, Technological and Nuclear Supervision issued a license for the operation of reactor No. 1, a key step towards restarting the reactor.

Ukraine's energy ministry called the move illegal and irresponsible, risking a nuclear accident.

WHY DOES UKRAINE NEED THE PLANT?

Russia has been pummeling Ukraine's energy infrastructure for months and some areas have had blackouts during winter.

In recent ⁠months, Russia has sharply increased both the scale and intensity of its attacks on Ukraine's energy sector, plunging entire regions into darkness.

Analysts say Ukraine's generation capacity deficit is about 4 gigawatts, or the equivalent of four Zaporizhzhia reactors.

Kharchenko says it would take Ukraine five to seven years to build the generating capacity to compensate for the loss of the Zaporizhzhia plant.

Kharchenko said that if Kyiv regained control of the plant, it would take at least two to three years to understand what condition it was in and another three years to restore the equipment and return it to full operations.

Both Ukrainian state nuclear operator Energoatom and Kharchenko said that Ukraine did not know the real condition of the nuclear power plant today.

WHAT ABOUT COOLING FUEL AT THE PLANT?

In the long term, there is the unresolved problem of the lack of water resources to cool the reactors after the vast Kakhovka hydro-electric dam was blown up in 2023, destroying the reservoir that supplied water to the plant.

Besides the reactors, there are also spent fuel pools at each reactor site used to cool down used nuclear fuel. Without water supply to the pools, the water evaporates and the temperatures increase, risking fire.

An emission of hydrogen from a spent fuel pool caused an explosion in Japan's Fukushima nuclear disaster in ‌2011.

Energoatom said the level of the Zaporizhzhia power plant cooling pond had dropped by more than 15%, or 3 meters, since the destruction of the dam, and continued to fall.

Ukrainian officials previously said the available water reserves may be sufficient to operate one or, at most, two nuclear reactors.


Egypt, Trump Reaffirm Strategic Alliance in 2025 amid Regional Turmoil

Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
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Egypt, Trump Reaffirm Strategic Alliance in 2025 amid Regional Turmoil

Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)

After months of speculation over the trajectory of Egyptian-US relations, fueled by persistent talk of strain and an impending rift, a high-level meeting between President Donald Trump and President Abdel Fattah al-Sisi in Sharm el-Sheikh reaffirmed the resilience of the strategic alliance between Cairo and Washington, even as the region remains in turmoil.

The meeting followed a turbulent period marked by Trump’s adoption of a proposal to relocate Gaza’s population, an idea firmly rejected by Sisi and one that prompted warnings of a diplomatic crisis between the two longtime allies.

The subsequent signing of a Gaza peace agreement in Sharm el-Sheikh sent a clear signal that, despite sharp disagreements over policy, the foundations of the bilateral relationship remain intact.

Early in Trump’s second term, media reports said Sisi had scrapped plans to visit Washington. As the year draws to a close, speculation has said that the visit may happen. Trump has acknowledged Sisi as a friend and said he would be happy to meet him as well.

Trump’s election victory late last year raised Egyptian hopes of strengthening the strategic partnership. Sisi voiced that expectation in a congratulatory post on X, stating that he looked forward to working together with Trump to achieve peace, preserve regional peace and stability, and strengthen the strategic partnership.

Those hopes were tested when Trump floated a plan to “clean out Gaza” and relocate its residents to Egypt and Jordan. Cairo rejected the idea outright, mobilized international opposition, unveiled an alternative plan for Gaza’s reconstruction and hosted an emergency summit on the issue in March.

Limited public engagement

David Butter, a research fellow in the Middle East and North Africa program at Chatham House, noted that the striking feature of Egypt-US ties over the past year has been their low public profile.

Aside from Trump’s appearance in Sharm el-Sheikh, there was not much happening in the open, he told Asharq Al-Awsat.

Amr Hamzawy, an Egyptian political scientist and director of the Middle East program at the Carnegie Endowment for International Peace, described the first year of Trump’s second term as difficult for bilateral relations.

He said it began with talk of displacement and a “Middle East Riviera” in Gaza, but Egyptian diplomacy succeeded in shifting the trajectory.

Trump’s peace plan, he said, ultimately signaled rejection of displacement and spoke of security and political tracks for Gaza and a broader political process for the Palestinian issue, though details remain unclear.

Hamzawy added that the year opened from a tough starting point that followed what he called President Joe Biden’s hesitant stance on Gaza, when displacement was first discussed.

After nearly a year of Egyptian political and diplomatic effort, he said, displacement dropped from Washington’s agenda, even if it remains a risk that cannot be ignored.

Historically, Egypt has been a pivotal state for US national security, given its geography, demographic weight and diplomatic role, according to a recent report by the Congressional Research Service.

Gaza, the main test

The Gaza war shaped Egyptian-US relations during Trump’s first year back in office. Washington backed Egyptian-Qatari mediation to halt the war. US Secretary of State Marco Rubio thanked Cairo after a truce was reached between Israel and Hamas in January.

When hostilities resumed, however, Egypt faced complex diplomatic choices with both Washington and Israel. It rejected Trump’s call to resettle Gaza’s population, while its reconstruction plan failed to gain US or Israeli acceptance.

Cairo also drew criticism from Trump for declining to join US strikes against Yemen’s Houthis, the Congressional Research Service (CRS) revealed.

Butter noted that ties with the Trump administration were strained over Gaza after Sisi canceled a Washington visit early in the year, following Trump’s “Middle East Riviera” remarks, which left contacts at a minimum.

He said Trump’s Sharm el-Sheikh visit, the signing of the Gaza agreement and the celebration of his plan’s success offered a chance to reset relations. Egypt, he added, has become indispensable to Trump’s administration in Gaza.

Hamzawy said Gaza dominated the first year of Trump’s term, giving Egypt a chance to restore its standing with US and European decision-makers as a key mediator. Cairo put its vision on the table, he said, shifting US thinking toward parallel security and political tracks and from talk of disarmament to limiting weapons.

Throughout the year, Egypt publicly counted on Trump to end the Gaza war. In July, Sisi urged him in a televised address to press for a halt, saying Trump was capable of doing so.

Analysts Daniel Byman and Jon Alterman wrote in Foreign Policy that Egypt is indispensable to international responses to the Gaza war, even if it remains a difficult partner for Washington and Israel. The conflict, they said, restored diplomatic focus on Egypt and strengthened its leverage.

Sara Kira, director of the European North African Center for Research, said relations in Trump’s second term differ from his first. The earlier term saw broad alignment and personal warmth from Trump, particularly on counterterrorism, she said. The second term has been marked by divergence.

That surfaced in April when Trump called for free passage for US commercial and military vessels through the Suez Canal in exchange for US efforts to protect the waterway.

Positive signals despite differences

Despite disagreements over Gaza, there were positive signs elsewhere. Early in the year, the US State Department froze new funding for most aid programs worldwide, exempting humanitarian food programs and military aid to Israel and Egypt.

Washington did not include Egypt on a travel ban list issued in June. Trump said Egypt was a country with which the United States dealt closely and that things there were under control. Egypt was also spared higher US tariffs. Cairo has repeatedly stressed the depth and resilience of the strategic relationship.

Kira said Egypt exerted maximum pressure to achieve peace and stop the Gaza war, eventually convincing Washington of its approach and reaching a peace agreement in Sharm el-Sheikh. She said Egypt acted pragmatically and astutely, reading Trump’s personality and US interests.

As talks on the second phase of the Gaza agreement stall, Egypt continues to rely on the Trump administration to advance its plan. Cairo remains in contact with Washington and is working with it to prepare a donor conference for Gaza’s reconstruction, which has yet to receive sufficient momentum from the Trump administration.

The dialogue extends beyond Gaza to Libya, Sudan, Lebanon and Iran, as well as water security, led by Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), which Egypt fears could affect its Nile water share.

GERD

In mid-June, Trump stirred controversy in Egypt when he wrote on Truth Social that the United States had “stupidly” funded the dam Ethiopia built on the Blue Nile, triggering a severe diplomatic crisis with Egypt.

In August, the White House released a list of Trump’s foreign policy achievements, which included a purported agreement between Egypt and Ethiopia over the dam.

Trump has repeatedly spoken of his administration’s efforts to resolve the dispute, but those claims have yet to translate into concrete action.

Hamzawy said there is an opportunity for Washington to mediate and revive an agreement reached near the end of Trump’s first term.

Charles Dunne of the Arab Center Washington DC wrote recently that Trump’s stance may please Cairo but could also produce adverse outcomes if Washington does not assume a mediation role.

The United States hosted talks with the World Bank in 2020 during Trump’s first term, but they failed after Ethiopia refused to sign the draft agreement.

Military ties endure

Military cooperation continued largely as usual. Since 1946, the United States has provided Egypt with about $90 billion in aid, with a sharp increase after 1979, which successive administrations have framed as an investment in regional stability, according to the CRS.

For more than a decade, Congress has imposed human rights conditions on part of Egypt’s aid.

Between fiscal years 2020 and 2023, the Biden administration and Congress withheld approximately $750 million in military funding. Trump’s technical annex to the proposed fiscal 2026 budget seeks $1.3 billion in military assistance for Egypt without conditions, the CRS said.

Hamzawy said the administration is far from imposing conditionality, noting that relations rest on mutual interests between a major power and a positively influential middle power.

Since the Gaza war, the Biden and Trump administrations have accelerated US arms sales to Egypt. The State Department notified Congress of military sales totaling $7.3 billion. In July, the Pentagon announced that the State Department had approved the sale of an advanced air defense missile system to Egypt, valued at approximately $4.67 billion. Egypt also hosted the Bright Star military exercises in September.

Kira said ties with Washington are driven by interests and that Cairo has positioned itself as a core regional player.

Hamzawy said Egypt occupies a central place in US Middle East thinking, as Washington needs a spectrum of allies, with Egypt at the heart of that network.


Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
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Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP

Precious and industrial metals are surging to record highs as the year ends, driven by economic and geopolitical uncertainty, robust industrial demand and, in some cases, tight supply.

Below AFP examines the reasons for the surge in demand.

- Safe havens -

Gold and silver are traditionally seen as safe-haven assets, and demand has soared amid mounting geopolitical tensions, from US President Donald Trump's tariffs onslaught to wars in Ukraine and Gaza, as well as recent pressure by Washington on Caracas.

Investors are also uneasy about rising public debt in major economies and the risk of a bubble in the artificial intelligence sector.

These uncertainties are driving up gold and silver, with other metals now starting to see the impact as investors seek to diversify their portfolios, explained John Plassard, an analyst at Cite Gestion Private Bank.

"Metal is once again becoming insurance rather than just a speculative asset," he told AFP.

- A weak dollar -

Traditional safe havens like the dollar and US Treasuries have become less attractive this year.

Uncertainty around Trump's presidency and the prospect of further Federal Reserve interest rate cuts, have weakened the dollar, reducing its appeal to investors.

As a result, many investors are turning to gold and silver.

Gold has climbed more than 70 percent this year and passed $4,500 an ounce for the first time on Wednesday, while silver reached a record high of $72 an ounce, with prices up about 2.5 times since January.

A weak dollar is also boosting industrial metals, since commodities priced in dollars become cheaper for buyers when the currency falls.

- Fresh demand -

Industrial demand has surged in recent months, driven by the rise of artificial intelligence and the energy transition.

Copper, used for solar panels, wind turbines, electric vehicle batteries and data centers, has seen strong gains as a result.

Prices hit a record on Wednesday, topping $12,000 a ton, helped further by China, the world's largest copper consumer, announcing new measures to boost demand.

Aluminium, a cheaper alternative to copper, and silver are also benefiting from the AI boom and the shift to renewable energy.

Platinum and palladium, used in car catalytic converters, have also risen, reaching a record high and a three-year high respectively, after the European Union decided to allow sales of new internal combustion vehicles beyond 2035.

- Tight supply -

Copper prices have been lifted this year by fears of US tariffs, prompting companies to stockpile ahead of their introduction, with duties imposed on semi-finished products and potentially extending to refined copper.

Supply risks from disruptions at mines in the Democratic Republic of Congo, Chile and Indonesia have added to the price surge.

Physical markets for silver, platinum, and aluminium are also tight.

According to Ole Hansen, an analyst at Saxo Bank, thin holiday trading, which increases volatility, and investor fear of missing out have further amplified the rise at the end of the year.