Welcome to GoldBank Insider, the UK podcast that turns the biggest precious metals headlines into clear takeaways. If you invest in physical bullion, ETFs, or you just track the price, this episode is for you.

What happened

Gold has been repeatedly hitting fresh records and, on 29 January, reached just under $5,595 an ounce (around £4,060) before dropping sharply later in the day to about $5,250 (around £3,810).

Silver has been even more dramatic: it was below $30 (around £22) around the time “liberation day” tariffs were being prepared last April, and it has since nearly quadrupled to more than $118 (around £86), with the fastest run-up in the past month.

One strategist says the market has “all the hallmarks of a mania” and calls the moves “parabolic”.

The big driver: a re-pricing of trust

This i ...