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Gold has soared to a new all-time high this morning, and silver has eclipsed $24 per ounce. Gold is up 32% since March 18, 2020, and Silver has doubled in the same time frame.

I believe the main reason behind the jump in precious metal prices is the plummeting value of the U.S. dollar, which is a direct result of the passage of the CARES Act back in March.

Now it appears there is a significant switch going on behind the scenes as some parties with significant positions convert "paper" gold and silver into "physical" metal. The problem is that the physical inventory is already depleted, and there is not enough to go around. I would expect gold and silver price increases to accelerate.