Precious metals gold and silver went up to record highs, surprising many traders.

In January, the rally got even stronger as investors bought more because of:

• Geopolitical worries

• Fear that money is losing value

• Concerns about the Fed’s independence

Chinese buyers also added more fuel to the rally.

But, as Robert Gottlieb, a former JPMorgan metals trader, said:

“Too many people were in the trade. Reluctance to take more risk will make it harder for the market to stay liquid.”

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