Despite record highs in the stock and crypto markets, economic uncertainty has pushed the precious metals market up considerably. Gold and silver have hit record levels this year: the value of gold has doubled from $2,798 in January to over $4,000 this fall — surpassing its prior highs. Silver hit $54.10 in October, breaking a 45-year-old benchmark.

Investors have long treated gold and silver as economic shields during volatile periods. Prices spiked heading into the recessions of 1980 and 2008-2009 and again during the COVID-19 pandemic.