It popped the 50-day moving average; this confirms the underlying story of gold as a hedge against monetary inflation and other nasty things, de-leveraging notwithstanding. It appears to be consolidating at about 825 for the time being.

However, silver, gold's more volatile cousin more levered to industrial application, usually follows gold. In the short term, it has mimicked gold's upturn, albeit in a more limited manner. It failed to break the 50-day moving average. However, as gold and silver are correlated, expect the latter to break the 50dma not unlike gold has, and in more pronounced manner on account of its volatile nature. If it does not break, the support has been established at $10/oz., worst case $9.

My money is where the mouth is; I ordered 50oz. Ag a few days ago.