this is from an interview with the gold report:

All’s been decidedly unquiet on the precious metals front since David’s last exclusive interview with The Gold Report this past April. Back then, U.S. Treasury Secretary Hank Paulson had used the term “financial crisis" more than five times in a recent speech, circumstances in which, as David put it, “the attraction to precious metals becomes more urgent.” At that time, he also speculated on whether there is enough silver above the ground if just 10% of the baby boomer population were to put 5% of their net worth into silver. According to David, the answer is a resounding “no.” David sees some silver lining the recessionary thunderheads, and a spring that may bring see an “Obama Rally” burst forth.

The Gold Report: When you talked with The Gold Report in April, silver’s 200-day moving average was $14.66 and gold's was $785. To say we’ve experienced turmoil since then is something of an understatement. What’s your view of what’s happening in those markets today?

David Morgan: Both silver and gold markets have become victims of the credit crisis, which actually started in August of 2007. Things really got going to the downside on the annual rollover of August 2008 and that has continued. If you look at gold irrespective of the dollar—in other words, vis-à-vis other currencies—it’s doing quite well. And if you look at gold in U.S. dollars vis-à-vis any other market such as the Dow Jones, the S&P 500 or the oil market, it’s actually holding up better than most markets.

Silver is doing not as well as gold, but better than the base metals. And since silver is really an industrial metal and a monetary metal, you would expect it to perform during recessionary times as it has—better than the base metals but not as good as gold.

TGR: When do you expect silver and gold to bottom out?

DM: We have seen the bottom already. Of course, you never know a bottom until a good amount of time later, but all kinds of technical indicators as well as sentiment indicate to me that we have seen the bottom I announced this to our members last weekend.

http://seekingalpha.com/article/1117...