Gold and the metal’s exchange traded funds (ETFs) jumped for a second straight day yesterday on a rush of safe-haven buying.

The metal closed above $900 an ounce after a rush of save-haven buying took place on economic fears, reports Pham-Duy Nguyen for Bloomberg. This means that in the last two days alone, the price has surged more than 15% – the most since futures debuted in 1975.

On Wednesday, gold jump $70 for a 9% gain. The price jump was the most over, while the percentage gain was the biggest since September 1999. Gold is still off its all-time record price of $1,033.90, which was reached on March 17.

Silver jumped 8%, and over the last two days has rallied 21%. It was the most since 1979. But silver is still down 15% for the year, while gold is now up 7%.

Gold, along with other precious metals, and physical commodities are often seen as a hedge against inflation and a safer bet for investors on Wall Street. Volatility is expected to be around for a while, so keep your stomachs strong.

Look for ups and downs in:

• PowerShares DB Gold Fund (DGL), down 0.3% year-to-date
• SPDR Gold Shares (GLD), up 0.5% year-to-date
• iShares Comex Gold Trust (IAU), up 1% year-to-date
• iShares Silver Trust (SLV), down 19.1% year-to-date

Tags: DGL, GLD, Gold, IAU, Precious Metals, Silver, SLV