Surge in gold and silver points to rising investor cautionGlobal equity and bond markets have delivered muted returns so far this year, but the strong rally in gold and silver suggests investors are becoming more risk-averse. Gold is up 17% and silver over 50% since October, indicating a clear shift in positioning towards safe-haven assets. Surge in gold and silver points to rising investor cautionGlobal equity and bond markets have delivered muted returns so far this year, but the strong rally in gold and silver suggests investors are becoming more risk-averse. Gold is up 17% and silver over 50% since October, indicating a clear shift in positioning towards safe-haven assets. The US dollar has weakened broadly, while the yen has seen sharp fluctuations amid speculation over central bank intervention.