Precious metals prices are like the weather. But even the most oblivious investor can tell which way the wind has been blowing lately. Prices of gold, silver and platinum have soared for more than seven years. Since 2001, gold has risen 248%, from $271 per ounce to $945 on February 22; silver has gained 290%, from $5 per ounce to $18; and platinum has jumped 256%, from $610 per ounce to $2,165. Since January, gold and platinum have regularly been setting new highs, surpassing prices last seen in 1980.

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