http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=2&mn=9&dy=0&id=p43220082674&a=255869372

Gold and silver are in extended downtrends.  Worse for gold it has just broken to new lows on a gap down.  Being long is an invitation to a diagnosis of masochism.  Buying these issues before they form bottoms and show strength is a good way to dispose of capital.

We have been short silver for quite some time and the chart encourages us to add on to our position:

http://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=1&mn=0&dy=0&id=p36968230499

The PnF chart has a startling target for silver.  We don’t know whether we believe it or not, but if realized it would be a spectacular trade.

(no link)  A target of 2.  Two.