$Newmont(NEM.US) rose four points following gold prices, with the leveraged end being even more aggressive—$Microsectors Gold Miners 3x Leveraged ETN(GDXU.US) surged over ten percent in a day, $Pro Ultr Silver(AGQ.US) rose about five points, and $iShares Silver Tr(SLV.US) also gained two to three points.

This wave of precious metals is moving alongside a weak dollar and low volatility: over the past week, the dollar index has declined, VIX has been suppressed to low levels, gold has accumulated a three percent gain, and silver has risen over six points. The decline in real interest rates has given gold and silver room for repricing.

As long as the dollar doesn't reverse course and CPI doesn't reignite rate hike expectations, the reflation trade can continue; but if the next inflation data comes in hot, a dollar rebound would directly reverse this wave.