Growing concern over inflation has brought investors back to precious metals. In fact, just this month, gold has risen by more than 5%, while silver increased by more than 8%.

In addition, massive stimulus entering the US economy is a game-changer for the market, as such news reduces demand for the US dollar.

Hence, since March, gold is up nearly $ 200, while silver costs more than $ 5. These are very significant increases for both metals, as the two were in a bear market all throughout the first quarter.

Growing inflation is also driving commodity prices higher, said Colin Cieszynski, chief market strategist at SIA Wealth Management.

But if economic growth slows as well, not to mention unemployment rate remains steadily high, the narrative may shift into stagflation, according to Gainesville Coins precious metals expert Everett Millman.

Today's macro environment is already beginning to resemble the 1970s, a decade when gold and silver prices were soaring very sharply.

And while gold is rallying, a significant drop in the crypto market is also observed. For the past few months, Bitcoin has been stealing investor attention from gold, thereby holding its growth this year.

Now, gold is already overbought, and according to Cieszynski the risk is when people start to take profits, especially if their positions are around $ 1,700.

Another risk is when 10-year Treasury yields start to rise again, along with inflation concerns. Yields have to decrease in order for gold to continue to rise. Geopolitical events will also play an important role in the metals market.