My take (right or wrong - time will tell) is that there are two bubbles left in the financial system. They are in the two biggest markets on the planet. The currency market and the bond market. The U.S. dollar, was and is yet, in a bubble which has so far deflated to some extent without panic. The bond market hasn't even begun to deflate. Long term treasuries around the world are paying as yield far less than the rate at which the M3 valuation of money supply is growing in their respective countries. Hence people who own bonds while posting small percentage gains in their currency are losing purchasing power every day they remain invested in them.

When people realize what is happening and get out of bonds, there will be money that will head for precious metals. Also, interest rates will go up with the bond sales making it harder or more costly for the U.S. gov't, to borrow money from foreign countries. The U.S. has debts and unfunded liabilities it can never hope to pay off with uninflated dollars (perhaps 60 trillion dollars worth). When it becomes obvious to the world that the cargo containers which leave the U.S. ports empty after having left of goods provided by foreign countries for promises of payments which they will never get (at least in real value terms), they not only will stop buying treasury bonds but will sell their holdings. This will force the FED to monetize the debts and the dollar will go into crisis mode.

The only way the U.S. will ever be able to pay off their accumulated debt to froeign countries is to send back the cargo containers stuffed with freshly printed hundred dollar bills.

Fiat currencies always die. As the U.S. currency (the dollar) dies for all the world to see gold and silver along with their producers will have their day.