Here we go again. Gold and silver exchange traded funds (ETFs) are at all-time highs, but are the fundamentals driving them as clear-cut as you might think?

For gold, the answer is pretty much “yes.”

The unrest has sent ETFS Physical Swiss Gold (NYSEArca: SGOL), SPDR Gold Shares (NYSEArca: GLD) and iShares COMEX Gold (NYSEArca: IAU) to all-time highs.

It may not wind down anytime soon, at least in the view of some. George Albino at Canadian institutional brokerage GMP Securities stated, “while we do not have a crystal ball, we do believe that any spread in the current unrest in North Africa/Mideast could have a very significant impact on short-term and…long-term gold prices,” reports Adrian Ash for The International Business Times.

The rush to safe-havens hasn’t been good just for gold; it may even be better for silver. That’s because not only is silver a safe-haven, it’s an industrial metal, as well. Because of its two-fold benefits, it’s often seen as a leveraged play on gold: when gold prices are rising, silver is usually rising faster. On the flip side, when gold prices decline, silver usually falls faster.

iShares Silver Trust (NYSEArca: SLV) and ETFS Physical Silver (NYSEArca: SIVR) are demonstrating that these days: in the last 10 days, they’re up about 13%, while physical gold ETFs are up about 5%.

For more information on gold, visit our gold category.

Max Chen contributed to this article.

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