Are the gains in these three precious metals sustainable? Part of the surge is a correction from last year's crash, which saw platinum plunging from more than $2,000 an ounce to less than $800 in three months.

Gold spikes traditionally boost other precious metals and this time is no exception, with a surge in exchange-traded funds' holdings of silver, platinum and palladium. But investors should note that, even if usually grouped under the precious metals umbrella, silver, platinum and palladium resemble industrial metals more closely, albeit expensive ones. How much so is clear for platinum and palladium. The automobile industry, where both metals are used in catalytic converters, accounts for 60 per cent of their consumption. Silver is no different, with electronics a large consumer.

For these three metals, demand for jewellery is less important than for gold. The supply side, which last year boosted prices, particularly for platinum, now looks less supportive too. As HSBC says: “After many years of deficit, we anticipate that the platinum market will swing into a surplus ... in 2009.” Silver and palladium face a similarly loose market.