Two things that are making me nervous.

The first is the hurrah buy gold presentation I just saw on Bloomberg (GLD obviously recommended as the easiest way of trading gold). Looks almost like we are in the mania phase.

The second is that I noticed that the difference between the price of (paper) silver and SLV has gone from less than 90 cents a week ago to almost 1 dollar now. That probably means that SLV is losing physical silver inventory fast and that this difference will increase accordingly. Makes sense, but makes me nervous anyway.