this is from ed steer of casey research:

With the Commitment of Traders already showing "Red Alert" in both gold and silver...and with both metals overbought...and the U.S.$ in the toilet...I could see it coming. Could we go to new highs from here? Sure...but past history says that if we do, it won't last long. Could the U.S. bullion banks get overrun? Sure...but it doesn't look like it at this juncture...unless someone with very deep pockets shows up real soon. How bad could it get on the down-side, you ask? Well...gold's 50-day moving average is at $915.40...and silver's is at $13.43. You don't want to know where the 200-day moving averages are. Today's activity will be interesting...and should tell us a lot.