It?s been a big week for metals with both Gold and Silver posting meaningful breakouts as equities are forced onto the back foot and markets are pricing in as many as seven interest-rate rises from the Fed this year.

Despite talk of Bitcoin replacing Gold as an inflation hedge, this has yet to materialize, and Bitcoin is down to $39,000. Investor uncertainty can be seen in the surging performance of ETFs tracking Short-term VIX futures, which have shot up as much as 16.7% this week in the case of UVXY ? The ProShares Ultra VIX SHORT-TERM FUTURES ETF, followed closely by the ProShares VIX Short-Term Futures ETF (VIXY) that rose 15%.

Against this backdrop of fear, ETFs tracking Silver, Palladium, Platinum, and Gold have jumped into the top-performing ranks after months in the shadows. The Invesco DB Silver Fund (HUZ) is up 7.8% this week, the GraniteShares Platinum Trust (PLTM) has risen 7.7%, the Aberdeen Standard Physical Palladium Shares ETF (PALL) is up 5.7%, and the WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) up 5%. Despite the strong performance, flows into Gold and Silver ETFs have been muted with just $352 million of new flows into Gold ETF and $1.6 million of flows into Silver ETFs this week.

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