this essay is longer than usual, given all that happened with the bailout of fannie and freddie. his "outlandish" prediction from two years ago of $2 trillion in mortgage-related losses is now becoming manistream. this is what he has to say about precious metals:

Gold will find continued support around 910, even from the 50-day moving average (in blue). On July 30, a remarkable sequence occurred. The silver price did an impressive reversal, going below 17 but closing over the 17.50 mark. See the impressive move on Wednesday. Gold followed silver, a day later. My forecast is for silver to break above the critical 21 resistance level before gold breaks above the critical 1020 level. THE HEAVY CORROSION TO THE USDOLLAR IS ABOUT TO ENTER A VERY DAMAGING PHASE. The autumn season is near, when the gold and silver bull markets realize some seasonal breakouts. By year end, gold should be near 1200 and silver near 25. One big reason why so many shenanigans are being played with banks and the USDollar, is that the gold favorable season is near in arrival. As the USDollar is undermined during a multi-faceted corrosive process and the season arrives, gold & silver will thrive.

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