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It may not look that way now, but gold and silver are actually in great technical positions for the next advance. Gold is showing support at the 2011 highs, which until now has been resistance. Silver is sitting right on top of its 50 and 200-week moving averages, a great staging point for a sustainable rally.

There are monetary fundamentals to back up an imminent trend change as well. Reverse repo money is now clearly flooding into the banking system thanks to higher interest rates. The new money - backed up from the printing of '20-'21, will stoke consumer prices ever higher as higher interest rates simultaneously squeeze supply.

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