Since the beginning of 2025, precious metals prices have been on a tear. Gold, the underperformer among them, is up 80% as of January 21. Palladium is up 105%, platinum up 175% and silver prices have tripled, rising 212%. {chart} Precious metals are popular as a safe haven during volatile times. But investors also have the opportunity to exit or short equities and other risk assets, which is not evident so far this year. Instead, the precious metals rally appears to reflect concerns over a potential global surge in inflation. We can infer the worldwide nature of this concern by looking at the currency markets. Since ... (full story)