The UK stock market's gains this year have set the best performance since 2009. The main beneficiaries of this rally are easy to identify—precious metal mining companies like Fresnillo performed remarkably well, and individual stocks like Burberry also followed suit, lifting the entire FTSE All-Share Index.

The underlying logic is actually quite simple. Global risk aversion has increased, coupled with falling interest rates in the US, leading gold and silver prices to hit new highs. This is a golden opportunity for mining stocks. But to be honest, the days are not as easy for consumer-facing companies—domestic and global market demand are somewhat weak, economic growth is lagging, and the divergence is becoming more apparent.

The strength of precious metals continues, and it’s worth paying attention to the subsequent developments.