Precious metals, particularly silver and gold, have significantly outperformed Indian equities (Sensex) in the past year, with silver surging 150% and gold 80%, compared to Sensex's 9% gain. This trend is attributed to geopolitical tensions, central bank easing including the US Federal Reserve, a weaker dollar, and supply concerns. Conversely, 'Trump tariffs' have negatively impacted Indian equities, contributing to their underperformance against bullion.