Why aren't precious metals rocketing?

$Aluminum Concept (LIST0770.SH)$ $Nickel Concept (LIST0578.SH)$ $Looking at historical commodity prices, every time we've had high inflation in the past, gold and silver have shot up. It makes a certain sense, as their value is essentially static, so when currency loses relative value, then they should go up, at least in dollars.

Why is this not happening now? The low-hanging fruit answer would be that CPI (which doesn't care about precious metals, and only measures things that people actually need, like food and housing) increases are in fact due more to supply shortage than excess demand.

If investors really were afraid of runaway inflation, wouldn't they be at least partially putting money into such historically safe inflation hedges? But gold is barely up since we started seeing high inflation (March '22), and silver is actually down.

I would love to hear some well-informed economic theories about why today's inflation spike is bucking the trend that has been pretty steady over the past century.