The larger issue in my mind on precious metals in general is that paper assets are starting to get marked down finally. If anything, we are likely nearing the end of a debt binge. When that happens, there is more dollars around than ever and I mean "dollars" in the generic since (fiat currencies in general). With fiat currencies bulging at the seams, hard assets appreciate necessarily. It's not lockstep and it's not day in and day out but it does happen over time and that is what underlies the bull market in commodities in general.