BALTIMORE ( Stockpickr) -- Another "perfect storm" is forming in the precious metals market right now, and market players need to be paying attention.Gold and silver futures contracts are both technically setting up to explode higher. Breakouts in both metals are already underway as rising geopolitical fears, European sovereign debt issues and a threat of a U.S. government shutdown loom in the markets. To put things into context, gold futures hit a new record during Asian trading hours Wednesday, while silver printed a new 31-year high. The threat of a U.S. government shutdown is probably the biggest catalyst driving up metals prices here. This is such a serious issue because it's all about balancing the U.S. government's budget. This is not just a direct threat to the world's reserve currency (the dollar), but it's also a threat to confidence in the American economic system. Negotiations are under way to solve the problem, but if the current administration can't come to an agreement and soon, a shutdown could start as soon as Friday. If a shutdown does indeed occur, look for precious metal prices to go up every single day that the government is not open for business. Even if the shutdown doesn't happen, most analysts think that Congress will raise the debt limits, which would also likely cause precious metal prices to go up. Related: 5 Tradable Technical Setups for April Treasury Secretary Timothy F. Geithner said on Tuesday that if Congress doesn't raise the debt ceiling before May 16, the U.S. would have to cut critical payments and interest rates will surge. If all of this wasn't bullish enough for metals prices, we also have a new war raging in Libya that seems to have no end in sight. On top of that, we have ongoing geopolitical risks in the Middle East due to fears of more social unrest in Saudi Arabia, Yemen and Syria. Let's not forget about Portugal, which is reportedly seeking an EU bailout before June. This quickly developing "perfect storm" makes me think one thing: Don't be short anything tied to the gold and silver complex. I want to be a buyer here, because the technicals are acting in concert with the fundamentals, which bodes well for higher prices. With that in mind, let's take a look at a number of precious metals stocks that look ready to explode.