Gold and silver just did something that typically does not happen. Over the past two weeks, both metals absorbed a sharp jump in short term Treasury yields, a stronger dollar, and the Federal Reserve's first rate hike in years, conditions that have historically dragged precious metals lower rather than higher. Instead, both held their ground and pushed to fresh highs.  

Looking at comparable historical periods where yields and the dollar rose together this aggressively, gold and silver have typically posted negative returns, rising only a small minority of the time.  

That gold and silver shrugged off the same pressure this time suggests the metals are being driven more by broader worries around fiscal sustainability and currency debasement.  

Finsum: Investors are pricing in fiscal and currency worries that could keep supporting precious metals even when the usual macro playbook says they should be falling.