My uncle was a jeweler. I remember in the late 70s, he was having trouble paying for the gold he needed to make his designs. Something about stagflation comes to mind.

But what I really remember is watching him lug around sheets of gold and silver. Small ingots. Real gold. I was enthralled. Gold could actually be used to make something!

Now, decades later, gold is once again soaring -- platinum, too -- and I feel much more sympathy for the people who make things out of precious metals. Signet Group -- the parent of Kay Jewelers and Jareds -- is warning high commodity prices will cause it to miss sales expectations. Tiffany is a different story, but even it is warning luxury sales are slowing, albeit from a torrid pace over the last few years. Tiffany is enjoying strong overseas sales, as well as a boost from tourists in the US who find our weak dollar quaint and the deals irresistible.

We'll know a lot more soon about how much precious metal prices are hammering sales. This weekend is the busiest time of year for jewelers, because panicked men flood the stores looking for something to give.

Step back a bit and you can see why precious metals are soaring. Turns out they are used to make too much. Gold is used in automotive parts -- think your airbag. Platinum also helps make cars run. And we all know how the rise of India and China is driving commodity prices. So when you are at the mall late tonight buying a shiny something for your loved one, smile, and think about how connected we all our in this global marketplace. Maybe that will take the sting out of the price tag.