We’re bullish on the economy thanks to Trump tax cuts, the deregulation, and the pro-drilling energy policies, but one thing makes us jittery.

The price for an ounce of gold hit $3,780 this week, up exactly 42% year-to-date.

Gold Price Year to Date

That compares with a 13% rise in the S&P 500, 9% for the Dow, and 17% for the NASDAQ.

Gold is the first flight to safety and a measure of the inflation risk. This spike in the price is a warning sign that the fight against inflation ain’t over yet.