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I have been watching the chart movements of gold and silver since about 2003. Nearly all of the major retracements have been about 50% of the previous uptrend, ie. the latest move up in silver began in late Jan2011 at US$27, then as weve just witnessed corrected from $48 to $33, a big one.

Gold on the other hand only retraced about 30% from the same move.

Silver was well overdone on the downside and deliberately in my view to save the silver shorts. Every stop was pulled out to achieve this including the press and the use of margin increases.

At the moment we see silver rising back to its mean (currently $39), which in my view should be around the US$42 mark where I would expect on past performance will consolidate for awhile (up to a month or two) before rising again