August 11, 2016 -- The precious metals emerged from their recent slumber and rose sharply on Wednesday.

The Platinum Group Metals led the way for the precious metals complex, specifically palladium, which made a 14-month high before falling back.

Silver poked through $20 once again but ran into resistance as it approached the $20.50 mark -- that's the very top end of the range that it's been trading in over the last 6 weeks since the Brexit vote.

U.S. stocks dipped lower on Wednesday, as did the U.S. dollar. Markets continue to weigh when the Federal Reserve will raise interest rates.

For now, it appears we could only see an interest rate hike once for the rest of the year, if at all. That, plus investor unwillingness to put more money into overvalued U.S. stocks in any significant way, has meant a lot of money continues to flow into gold and silver whenever they drop relatively little in price. So any corrections in the metals continue to be quite shallow.

Live prices at MoneyMetals.com show gold currently trading at $1,346.70 per ounce on the global market, and silver is coming in at $20.16.