Chris: I agree with you that gold and silver may cool their heals for awhile IF we are looking at silver and gold as commodities and IF we assume that the dollar-up / gold-down correlation resumes / continues

IF gold is now behaving as a currency then all bets are off

the gold / USD action from mid-Dec through late-Feb might cause some people to question the “gold as commodity only” viewpoint – USD rallied from 0.78 to 0.87 at the same time gold rallied from 850 to 1000

and, on the international front, obviously the Russians and Chinese aren’t buying into any USD rally since they are both asking for a new reserve currency with gold backing