I am expecting the next wave of PM buying to be driven by more dollar weakness as more people realize that the US money printing can not stop for any length of time. See China saying they are going to reduce their US dollar reserves by 2/3rds.

This will create a continued wave of inflation in the US that will squeeze the profit margins in a large part of the general equities market and cause a long slow bleed in prices.

At the same time I expect the gold market to continue with strength (Silver is going almost parabolic so it is hard to predict). Corrections can happen but I think the downside will be limited. It will become increasing clear that gold and gold equities will be the place to be as some of the gold companies start to announce outsized profits.

The one caveat is if the US decides to just let everything crash again ala 2007.
Then all bets are off.

Thus I am bullish the PM's and bearish on the S&P in the intermediate term.

JMHO