We have to try to remember some things to make a rational longer term judgement on the direction of silver/gold....
deleveraging is deflationary
job losses are deflationary
falling real estate prices are deflationary
When these factors abate we'll pretty quickly switch to an inflationary environment.
Bailouts are(in the longer term)inflationary, so future levels of inflation will at least partially depend on how much of this deflationary pressure is artificially introduced into the world economy.
How much of all this has already been factored in?
The "recovery" will be MUTED, by design since past levels of leverage will not be allowed and we'll return to a more stable but slower growth model.
And...we have just elected a man to the presidency whom I think is arguabley the most intelligent, pragmatic, determined and inspirational figure the world has seen in a
LONG LONG TIME. If anybody can put out this flaming bag of dogshit that Bush has laid on our doorstep Obama can do it. I think he'll surprise us repeatedly with his genius and ingenuity. This bodes very well for us and our country/economy over the longer run and I believe for the first time since Reagan that America's best days REALLY ARE STILL AHEAD OF US.
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