Gold and Silver Have Been Flying. Here’s Why and What to Watch

Gold and silver’s relentless start to a year has taken out record after record, shocked seasoned traders and analysts, and driven exceptional price volatility.

After capping their best years since 1979, gold has jumped another 24% this month to top $5,500 an ounce, while silver surged 60% to exceed $120 an ounce and extend a historic short squeeze. Investors piled into the time-honored havens amid concerns about currency debasement and the Federal Reserve’s independence, trade wars and geopolitical tensions.